Galaxy

Bitcoin

BlackRock

Bitcoin’s (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) long-time whales, once the fiercest champions of self-custody, may be losing some of their grip on the market as more migrate toward the comforts of traditional finance. Earlier this week, a BlackRock executive revealed that several of Bitcoin’s earliest holders are quietly swapping portions of their spot positions for exchange-traded funds (ETFs), gaining access to broader wealth management tools in the process.
While ETFs and spot Bitcoin have traditionally served different audiences, onchain data suggests the rise of spot ETFs may be coming at the expense of self-custody. According to analyst Willy Woo, the amount of self-custodied Bitcoin recently broke a 15-year uptrend, just as ETF adoption accelerated.
In this week’s Crypto Biz, we look at Bitcoin whales’ turn toward TradFi, Ripple’s latest public market play, Galaxy Digital’s standout Q3 earnings and Wise’s potential stablecoin expansion.
<h2 id="bitcoin-whales-are-embracing-tradfi">Bitcoin whales are embracing TradFi</h2>
Some of Bitcoin’s earliest adopters, who have amassed substantial holdings over the years, are now <a href="https://cointelegraph.com/news/bitcoin-whales-move-into-etfs-blackrock-ibit" rel="noopener noreferrer nofollow">exchanging their spot positions</a> for BlackRock’s Bitcoin ETFs. The move means giving up control of their private keys but gaining access to the traditional financial system.
According to Robbie Mitchnick, BlackRock’s head of digital assets, the asset manager has already facilitated more than $3 billion worth of these conversions. Many early Bitcoin holders, he said, are recognizing “the convenience of being able to hold their exposure within their existing financial adviser or private-bank relationship.”
Mitchnick added that this shift has been accelerated by a recent <a href="https://cointelegraph.com/news/sec-in-kind-redemptions-crypto-etps" rel="noopener noreferrer nofollow">US Securities and Exchange Commission rule change</a> allowing in-kind creations and redemptions for Bitcoin ETFs, enabling funds to exchange ETF shares directly for Bitcoin rather than cash.
Meanwhile, BlackRock’s iShares Bitcoin Trust (IBIT) remains the dominant player in the spot Bitcoin ETF market, with more than $88 billion in net assets.
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 Inflows into spot US Bitcoin ETFs have surged this year. Source: <a href="https://bitbo.io/treasuries/etf-flows/" rel="noopener noreferrer nofollow" target="https://bitbo.io/treasuries/etf-flows/">Bitbo</a>
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<h2 id="ripple-backed-evernorth-to-go-public-build-xrp-treasury">Ripple-backed Evernorth to go public, build XRP treasury</h2>
Evernorth Holdings, a digital asset company backed by Ripple Labs, <a href="https://cointelegraph.com/news/evernorth-ripple-spac-xrp-treasury-deal" rel="noopener noreferrer nofollow">plans to go public</a> through a merger with Armada Acquisition Corp. II, paving the way for the creation of a new XRP (<a href="https://cointelegraph.com/xrp-price-index" rel="noopener noreferrer nofollow">XRP</a>)-focused treasury company.
The deal is expected to raise over $1 billion in proceeds, including $200 million in investments from Japan’s SBI Holdings. Additional backing will come from Ripple, Kraken, Pantera Capital and GSR. Upon completion, the new entity will trade on Nasdaq under the ticker symbol XRPN.
CEO Asheesh Birla said the company aims to “accelerate XRP adoption” amid growing interest in digital asset treasuries. However, some analysts have cautioned that such treasuries <a href="https://cointelegraph.com/news/bitcoin-treasury-narrative-confusion-nakamoto-david-bailey" rel="noopener noreferrer nofollow">could face headwinds</a> as altcoin prices continue to lag behind.
“Toxic financing, failed altcoins rebranded as DATs, too many failed companies with no plan or vision. It’s totally muddled the narrative,” said David Bailey, the CEO of Bitcoin treasury company Nakamoto.
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 <img src="https://s3.cointelegraph.com/uploads/2025-10/019a16dc-d85b-73bd-9239-502267fd896a" title="" alt="Crypto Biz: Bitcoin whales trade keys for comfort">
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 Source: <a href="https://x.com/ashgoblue/status/1980244617397457381" rel="noopener noreferrer nofollow" target="https://x.com/ashgoblue/status/1980244617397457381">Asheesh Birla</a>
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<h2 id="galaxy-digital-cashes-in-on-bull-market-institutional-adoption">Galaxy Digital cashes in on bull market, institutional adoption</h2>
Asset manager <a href="https://cointelegraph.com/news/galaxy-digital-505m-q3-profit-trading-institutional-demand" rel="noopener noreferrer nofollow">Galaxy Digital reported</a> strong third-quarter earnings, fueled by heightened trading activity and growing institutional demand for cryptocurrency financial services, including facilitating a massive 80,000 BTC transaction for an undisclosed client.
The company posted net income of $505 million for the quarter, with adjusted earnings of $629 million, driven by gains in digital asset operations and investments. Galaxy now holds $3.2 billion in equity, including $1.9 billion in cash and stablecoins, while overall trading volumes rose 140% from the previous quarter.
As <a href="https://cointelegraph.com/news/early-bitcoin-investor-sells-80000-btc-galaxy-digital" rel="noopener noreferrer nofollow">Cointelegraph reported</a>, Galaxy handled a client sale of 80,000 BTC in July — a transaction worth roughly $9 billion at the time — which the asset manager described as part of the investor’s “broader estate planning strategy.”
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 <img src="https://s3.cointelegraph.com/uploads/2025-10/019a16dc-de1b-770b-97e8-2a8919b37e0b" title="" alt="Crypto Biz: Bitcoin whales trade keys for comfort">
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 Source: <a href="https://x.com/galaxyhq/status/1980608690043379872" rel="noopener noreferrer nofollow" target="https://x.com/galaxyhq/status/1980608690043379872">Galaxy</a>
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<h2 id="wise-may-be-planning-a-stablecoin-rollout">Wise may be planning a stablecoin rollout</h2>
Global payments and currency exchange platform Wise appears to be <a href="https://cointelegraph.com/news/wise-digital-asset-lead-stablecoin-hiring-crypto-expansion" rel="noopener noreferrer nofollow">exploring stablecoin-based products</a>, as the $10 billion fintech recruits a digital asset product lead with a focus on stablecoins.
In a LinkedIn post, Matthew Salisbury, Wise’s product director, announced the London-based role, which aims to support the company’s expansion into digital assets. The listing notes that the ideal candidate should have experience with business-to-consumer products in the digital asset sector.
“If you’ve built wallets and/or payments solution based on stablecoins and you now want to do it at Wise apply through the ad or DM me,” Salisbury wrote.
<a href="https://cointelegraph.com/news/crypto-biz-wall-street-giants-stablecoins" rel="noopener noreferrer nofollow">Stablecoins</a> could represent a natural evolution for the London-headquartered company, best known for its low-cost international money transfers. Wise currently supports transfers to more than 160 countries.
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 <img src="https://s3.cointelegraph.com/uploads/2025-10/019a16dc-e222-70c6-a2f6-3a69fa005237" title="" alt="Crypto Biz: Bitcoin whales trade keys for comfort">
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 Source: <a href="https://www.linkedin.com/posts/matthew-salisbury-b6726a12_wanted-a-product-lead-in-the-digital-assets-activity-7382419731896647680-HBxe/" rel="noopener noreferrer nofollow" target="https://www.linkedin.com/posts/matthew-salisbury-b6726a12_wanted-a-product-lead-in-the-digital-assets-activity-7382419731896647680-HBxe/">Matthew Salisbury</a>
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Crypto Biz: Bitcoin whales trade keys for comfort

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