A Pro XRP Lawyer John Deaton, who represents numerous XRP token holders, has made a noteworthy prediction regarding Blackrock’s equity investment in the popular cryptocurrency exchange, Coinbase.
This analysis comes at a pivotal moment, coinciding with the plans of a majority of spot Bitcoin ETF applicants awaiting approval from the US Securities and Exchange Commission (SEC), who are eyeing Coinbase as their preferred custodial services provider.
Coinbase’s Appeal to Institutional Investors
As the prospect of a spot Bitcoin ETF approval looms, Coinbase finds itself in a robust position, with several institutional investors poised to benefit significantly from SEC approval.
According to Nasdaq data, major financial players such as Blackrock, Vanguard, Morgan Stanley, and Cathie Wood’s ARK Investment are among the top institutional holders of shares in the US-based crypto exchange.
Of the 682 institutional holders, Vanguard Group stands out, owning a substantial 13.21% of shares, while Blackrock holds a notable 7.82% stake. Coinbase’s appeal is further heightened by its potential role in managing custody services for the anticipated spot ETFs.
Blackrock’s Next Move in $COIN
Attorney John Deaton thinks Blackrock might want to increase its investment in Coinbase ($COIN). Coinbase is a top choice for many financial companies waiting for approval for spot Bitcoin ETFs. Deaton predicts that Blackrock’s investment in Coinbase will rise because of its position as the preferred custodian for major players like Blackrock, Grayscale, WisdomTree, and Valkyrie.
Deaton has consistently argued that big financial players are making strategic moves to get a strong foothold in the growing crypto world, anticipating the need for clear regulatory guidelines.
As the crypto landscape changes, Deaton’s predictions give insight into the plans of giants like Blackrock in the cryptocurrency market.
