Investment bank Canaccord: More companies may follow MicroStrategy's lead in buying BTC

ChainCatcher message, according to CoinDesk report, investment bank Canaccord Genuity stated at its digital asset seminar that Bitcoin ETF is driving additional demand for BTC spot itself, which can generate significant multiplier effects. Many retail and institutional investors may find underlying BTC spot more attractive than ETF because as the asset class matures, there may be more ways to hedge and generate HODL returns.

Canaccord indicated that in the coming months, Bitcoin spot ETFs will be added to multiple Registered Investment Advisor (RIA) platforms and large brokerage firms, especially sovereign wealth funds that may have already invested in Bitcoin. It is expected that announcements from such investors will be seen in the next few months. With new FASB accounting standards and ongoing inflation concerns, more companies may follow MicroStrategy's lead and start buying Bitcoin.