Bloomberg: BlackRock is attracting Bitcoin whales to the Wall Street system

ChainCatcher news, according to Bloomberg, large Bitcoin holders are transferring their wealth from the blockchain to the balance sheets of Wall Street.

The new generation of ETFs provides a way for crypto billionaires to incorporate digital wealth into the regulated financial system—without selling Bitcoin, and by operating through funds managed by large asset management companies like BlackRock Inc. A regulatory change this summer opened the door for large investors: they can exchange Bitcoin for shares of the ETF. This is known as in-kind exchange, which is commonly used in most ETFs, but was only approved for Bitcoin products this July.