Crypto Biz: Wealthy investors are buying crypto, but their advisers aren’t sold
Wealthy investors are embracing crypto faster than their advisers, while OKX attracts new funding and Strategy shifts more capital toward preferred stock buybacks.
Wealthy individuals are investing in cryptocurrency at a faster pace than their financial advisors. A new CoinShares survey reveals that a majority of affluent investors across seven major economies own digital assets, with many planning to increase their exposure this year. Bitcoin is showing resilience, reaching its best quarter since 2017, while Treasury yields remain above 5%, making risk assets less attractive.
OKX has secured additional funding at a $25 billion valuation. However, financial advisors remain somewhat cautious about crypto, with four in ten investors surveyed working with an advisor describing them as overly cautious. Strategy spent over $176 million buying back its own stock, significantly more than its recent Bitcoin purchases.
The company has seen its Bitcoin holdings rise by just 0.2% in the third quarter, while its STRC share price has rebounded to near its $100 par value. Strategy is also set to pay dividends daily on its STRC shares, a move that could impact liquidity and price stability. Despite these developments, investors remain optimistic about the long-term potential of crypto, with many intending to boost their crypto holdings in the coming year.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
