Bitcoin Attracts $175 Billion in Institutional Investments
According to analysts from the investment company VanEck, institutional investors, countries, and private companies have accumulated bitcoins worth $175 billion. This figure reflects the increased interest in the first cryptocurrency as a store of value. VanEck points out the growing interest from hedge funds, asset management companies, and non-profit organizations, which are increasingly recognizing the potential of bitcoin.
Bitcoin Adoption on the Rise
In a recent report, VanEck highlights that companies and enterprises are increasingly accepting bitcoin as a form of payment, making it more accessible and convenient for everyday use. This trend indicates the growing recognition of bitcoin as a legitimate and practical tool in the financial system.
VanEck’s Bitcoin ETF Success
In January 2024, VanEck received approval from the US regulator to launch a spot Bitcoin ETF, which trades under the ticker symbol HODL on the Chicago Board Options Exchange (CBOE). Since the start of trading, the fund has attracted over $470 million and currently manages assets exceeding $599 million. The management fee for the fund is 0.25%.
Supporting the Bitcoin Ecosystem
Furthermore, VanEck directs 5% of the profit from managing the fund to the non-profit organization Brink, which supports open-source projects on the Bitcoin network. This partnership underscores the company’s commitment to the development of the Bitcoin ecosystem and its support.
Bitcoin’s Growing Recognition
In conclusion, the increased interest in bitcoin from institutional investors and the growth in cryptocurrency usage as a means of payment are evidence of its growing recognition and importance in the modern financial world.
