Wall Street's top banks are keenly exploring cryptocurrency opportunities following new US President Donald Trump's support for digital assets.
Banks' Interest in Crypto IPOs
Morgan Stanley has started courting crypto companies looking to go public after the bank helped Coinbase sell convertible bonds. They are working with IREN, a Bitcoin mining and AI operator, on new monetization strategies.
RBC's Crypto Deal and Market Focus
The Royal Bank of Canada (RBC) aims to boost its crypto business after successfully arranging a convertible bond deal with a crypto client last year. While RBC sees more new crypto issuers entering the market, it remains selective to avoid unnecessary risks.
Trump Administration's New Crypto Policy
Since President Trump issued his crypto executive order, the US Securities and Exchange Commission (SEC) has launched a dedicated crypto task force, led by Hester Peirce, a known Bitcoin advocate. New players such as Gemini are preparing for IPOs.
The shifts in US policy regarding cryptocurrencies are fostering Wall Street's growing interest in digital assets. This trend promises prudent exploration of opportunities for financial institutions.
