Crypto Biz: Wealthy investors are buying crypto, but their advisers aren’t sold

What happened

A new CoinShares survey found that a majority of wealthy investors across seven major economies already own digital assets, with many planning to increase their exposure this year. Delphi pointed to Bitcoin’s 43% third-quarter gain and third consecutive weekly advance, but warned that “the grind higher is happening against real resistance.”

Wealthy investors are embracing crypto faster than their advisers, while OKX attracts new funding and Strategy shifts more capital toward preferred stock buybacks. Affluent investors appear increasingly comfortable with crypto, even if their financial advisers aren’t keeping pace.

The findings come as capital continues to move into crypto in other ways, even against a tougher market backdrop. Meanwhile, Strategy is putting more capital into its preferred stock.

The company spent more than six times as much buying back STRC shares last week as it did buying Bitcoin. This resistance contains the Federal Reserve’s September rate hike and Treasury yields at multi-decade highs. The outlook for rates has shifted since then.

Key facts

• A new CoinShares survey — found: that a majority of wealthy investors across seven major economies already own digital assets, with many planning to increase their exposure this year