CandleFocus

Wall Street banks race to cash in on the crypto bull run

Author: Content Editor
Wall Street banks are increasingly getting involved in the cryptocurrency market due to the significant profits to be made. The SEC's approval of Bitcoin spot ETFs and the perceived crypto-friendliness of the Trump administration have encouraged banks to enter the market. Barclays, Citigroup, JPMorgan, and Goldman Sachs have all been involved in underwriting convertible bond offerings for Bitcoin-related companies. These deals are estimated to have generated at least $200 million in fees for the banks. However, while banks are eager to participate in the crypto market, they still exercise caution and prioritize reputation in their investments. Certain industries, such as adult entertainment and cannabis, are still considered off-limits for many banks. Overall, competition is fierce, and banks do not want to miss out on the potential profits of the growing cryptocurrency industry.

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