Exchanges· ★★★· bullish·

TD Cowen: Institutions Shift From Owning Bitcoin to Building Around It

  • —TD Cowen flagged interest in bitcoin-backed bonds, preferred and convertible securities
  • —BlackRock called ETFs and self-custody complementary tools for different investors
  • —The SEC allowed in-kind creation and redemption for crypto ETPs in July 2025
  • —Privacy, custody controls and quantum resistance entered the institutional agenda
Why it matters: The shift from buying BTC to financing and custody infrastructure broadens the base of institutional demand.
#BTC
Source: Bitcoin.com
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