Bitcoin Was the Asset. Now Institutions Are Building Around It
Institutions are moving beyond the question of whether to own bitcoin and toward how to finance, hold, and use it. A new research note says the shift could shape bitcoins next phase of adoption. Key TakeawaysTD Cowen sees growing interest in finance built around bitcoin.Blackrock described ETFs and self-custody as complementary.Privacy and security are emerging as institutional issues. Bitcoin Becomes the Basis for New Financing Bitcoin is becoming the foundation for a wider set of financial products, according to TD Cowens account of the Sept. 28 Bitcoin Treasuries Conference in New York. TD Cowen is a division of TD Securities. Its equity analyst Lance Vitanza, CFA, examined discussions of capital formation, collateral, and funding structures in a Sept. 29 sector note titled “Three Themes Shaping the Next Phase of Institutional Bitcoin Adoption.” Vitanza wrote: “The conversation is moving beyond bitcoin ownership and toward the ecosystem being built around it: capital markets, implementation frameworks, and institutional infrastructure.” “The conversation is moving beyond bitcoin ownership and toward the ecosystem being built around it: capital markets, implementation frameworks, and institutional infrastructure.” Conference participants discussed bitcoin-backed bonds, preferred shares (stock with priority over common shares for dividends), convertible securities (instruments that can be exchanged for shares under specified terms), and financing









