In the near future, DWS, an asset management company associated with Deutsche Bank, will launch cryptocurrency-based exchange-traded funds (ETFs).
As reported by Bloomberg, DWS has partnered with Galaxy Digital in April to develop a line of ETFs for the European market.
During an interview, DWS Global Investment Director Bjoern Jesch stated that while there are still skeptics in the industry who believe that cryptocurrencies hold no value, there is a growing group that recognizes the active trading of Bitcoin at $35,000.
Bloomberg notes that this divergence in opinions highlights the delicate situation faced by major financial institutions as the value of digital gold continues to surge, driven by optimism surrounding the approval of ETFs by US regulators.
Big investment firms like BlackRock Inc. and Fidelity Investments have also expressed interest in launching crypto ETFs.
Apart from developing these products for retail buyers, DWS also has an expanded mandate to invest in digital assets.
According to CoinShares, the inflow of funds into cryptocurrency investment products from October 21 to October 27 reached $326 million, the highest since July 2022.