Bernstein Bitcoin and CryptocurrencyRelated Stocks Mature for Institutional Adoption

In a research report on Wednesday, brokerage firm Bernstein stated that Bitcoin and cryptocurrency-related stocks are undervalued and suitable for institutional adoption. Bernstein pointed out that cryptocurrency bear market proponents believe that the era of spot Bitcoin exchange-traded fund (ETF) trading has ended, with early majority allocation coming from retail investors, and that most institutional demand is for “basic cash and arbitrage trading” rather than new net long positions. While this is the case, we believe that a Bitcoin ETF will receive approval from major securities firms and large private banking platforms in the third/fourth quarter.” Spot Bitcoin ETFs were first approved in the United States in January, greatly expanding the channels for people to invest in the world’s largest cryptocurrency.