A year after limiting Bitcoin (BTC) payments out of scepticism for the cryptocurrency sector, major financial and asset management institutions have begun to apply for a spot Bitcoin exchange-traded fund (ETF), and Santander Bank has suddenly reversed its position.
As it happens, Santander has just started a new teaching series on its website called “Digital Assets 101.” The company said on Twitter when it posted the first lesson on Bitcoin on June 9 that it would “break down the basics, benefits, and implications of this transformative technology.”
This shift in attitude is particularly intriguing because it coincides with the rise of Bitcoin ETFs, which allow large, traditional institutions to provide their clients with indirect exposure to the cryptocurrency market.
BlackRock (NYSE: BLK), the largest asset manager in the world, Valkyrie (a digital asset management firm), Invesco (NYSE: IVZ), the largest sponsor of exchange-traded funds and exchange-traded products in the world, WisdomTree, and Bitwise (which manages an index fund for digital currencies), all recently filed for or re-filed for a spot Bitcoin ETF.
Meanwhile, as of this writing (22 June), the price of a single Bitcoin was $30,197, representing an increase of 4.39% on the day, a gain of 21.25% across the previous week, and a growth of 10.64% on its monthly chart, adding up to a gain of over 80% since the turn of the year.
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