Financial institutions are showing renewed interest in cryptocurrency, with BlackRock, Invesco, and WisdomTree reapplying for approval to offer spot bitcoin exchange-traded funds (ETFs). Additionally, a crypto exchange backed by Fidelity, Schwab, and Citadel Securities has launched in the US, and Deutsche Bank has applied for a digital asset license in Germany. While some have speculated about the reasons behind these moves, the simplest explanation is that financial institutions want to make money by offering their clients exposure to cryptocurrency in exchange for fees. However, approval for spot bitcoin ETFs has been elusive, with about a dozen applications rejected by the SEC so far.
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