JPMorgan: The adoption of cryptocurrency by institutions is still in its early stages, but momentum is building

ChainCatcher news, according to a report by CoinDesk, JPMorgan released a report on Wednesday stating that institutional adoption of cryptocurrencies is still in its early stages, but momentum is increasing.

The report indicated that the IPO of Bullish in August and the passage of the GENIUS Act have heightened interest in the industry, and regulatory clarity has eliminated one of the biggest obstacles faced by large investors. The report mentioned that signs of participation are emerging, with the Chicago Mercantile Exchange (CME) reporting that the number of open contracts for cryptocurrency derivatives held by institutional investors has reached an all-time high, and institutions currently hold about a quarter of Bitcoin ETPs; while a survey by EY showed that 85% of companies have allocated or plan to allocate digital assets by 2025, with regulation being a key driver.

The report also stated that in terms of the stock market, Bullish has become a benchmark for institutional investors; since its IPO, the exchange's stock price has risen by 45%, and if it obtains a BitLicense later this year, its growth momentum will be even stronger. JPMorgan has rated Bullish stock as "neutral," with a target price of $50. The stock rose slightly to $54.5 on Wednesday.