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Writer's pictureJason Bergstein

WAGMI Digest - May 17th, 2024: Continued Institutional Acceptance

Hi Everyone,


This week, we're highlighting significant movements in the institutional adoption of Bitcoin. In Q1 2024, several major U.S. financial institutions, including BlackRock, Fidelity, Morgan Stanley, and JPMorgan, disclosed substantial investments in Bitcoin ETFs.


Additionally, the Chicago Mercantile Exchange (CME) is set to launch new Bitcoin futures and options, responding to rising institutional demand. These developments underscore growing mainstream acceptance and the strategic importance of digital assets, reinforcing our confidence in the market's direction and potential for significant growth.


Stay tuned as we delve into these exciting trends!


Bitcoin Price: $67,207.49 (+9.95% past 7 days)

Ethereum Price: $3,112.68 (+6.31% past 7 days)

Solana Price: $169.65 (+14.78% past 7 days)

*as of 12:01pm EST 5/17/24



Major Institutions Lead Bitcoin ETF Investments in Q1


In the first quarter of 2024, several prominent U.S. financial institutions disclosed substantial investments in Bitcoin ETFs through SEC filings, signaling growing mainstream acceptance of digital assets.


  • Institutional Participation: Firms like BlackRock, Fidelity, and JPMorgan revealed significant Bitcoin ETF holdings, showcasing broad institutional interest.

  • Morgan Stanley's Involvement: Morgan Stanley is among the largest firms to recently join the Bitcoin ETF market with a $269.9 million investment.

  • BlackRock's Impact: BlackRock's spot Bitcoin ETFs, with over 400 institutional holders, lead the market but are part of a larger trend of increasing adoption by major financial entities.


Significance to WAGMI:

Major institutional adoption has been at the core of WAGMI's investment thesis since our inception. The increasing participation by financial giants reaffirms our confidence in the market's direction and supports our strategy of focusing on digital assets. This trend is likely to drive market stability and significant growth, presenting substantial opportunities for our investments.



CME's Institutional Push and Coinbase Stock Impact


The Chicago Mercantile Exchange (CME) is planning to launch new Bitcoin-related products, reflecting rising institutional demand for cryptocurrency investments.


  • CME's New Offerings: CME, a leading derivatives marketplace, will introduce Bitcoin futures and options aimed at institutional investors, further legitimizing cryptocurrency trading.

  • Rising Demand: The launch responds to growing interest from Wall Street firms and institutional investors seeking exposure to Bitcoin.

  • Impact on Coinbase: Coinbase, the largest U.S. crypto exchange, saw its stock price fall due to concerns over increased institutional competition.


Significance to WAGMI:

CME's new Bitcoin futures and options can significantly impact the market by providing more robust and regulated trading avenues for institutional investors. This development enhances market liquidity and stability, reinforcing Bitcoin's legitimacy as an asset class. For WAGMI, the increased institutional participation aligns with our investment thesis, supporting long-term growth and creating new opportunities for strategic investments.



Thank you for joining us this week as we explored the rising institutional adoption of Bitcoin. We remain confident in the market's direction and growth potential. Looking forward to bringing you more insights next week!


Have a great weekend!


Best regards,  

The WAGMI Fund Team

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