Wall Street Embraces Bitcoin Amid Soaring Demand for Crypto Deals

Bitcoin’s meteoric rise this year has turned the tables on Wall Street. Once dismissive of cryptocurrencies, big banks like Barclays, Citigroup, and JPMorgan are now racing to secure their slice of the crypto pie. The shift comes amid Bitcoin’s price surge, the SEC’s approval of Bitcoin spot ETFs, and a perceived crypto-friendly stance from the current U.S. administration.
Banks have been quick to capitalize, underwriting billions in convertible bond offerings for Bitcoin miners and major players like MicroStrategy. JPMorgan, for instance, is heavily involved with companies like Core Scientific, while Goldman Sachs has raised funds for Applied Digital, which builds data centers for Bitcoin miners.