A prominent Wall Street asset management firm has engaged Copper and Anchorage Digital to serve as custodians for its newly launched bitcoin (BTC) financing division, aimed at offering institutional investors leverage on their bitcoin assets, the firm announced on Tuesday.
“We are initiating operations with an initial financing pool of $2 billion and anticipate significant growth in this sector over time,” stated Michael Cunningham, who leads Bitcoin Financing at the firm.
The financial giant revealed its intentions to establish this business in July, expressing a commitment to creating a platform to meet the financing requirements of Bitcoin investors. The firm also oversees the U.S. Treasury holdings for stablecoin issuer Tether, which underpins the value of the $142 billion USDT stablecoin.
The organization’s former CEO, Howard Lutnick, currently holds the position of Secretary of Commerce and has been an outspoken advocate for the integration of BTC into mainstream finance.