Blackrock Likely to Boost Coinbase Stake: John Deaton’s Bold Prediction

If you’re familiar with cryptocurrency, you know the market is a place where one’s fortune can swing at any second. Now, pro-XRP Lawyer John Deaton, has made a notable prediction. Representing a host of XRP token holders, Deaton focuses on Blackrock’s investment strategies, specifically in the widely-used cryptocurrency exchange, Coinbase.

At this crucial moment, as the US Securities and Exchange Commission (SEC) mulls over spot Bitcoin ETF applications, attention centers on Coinbase. Waiting for regulatory approval, many ETF hopefuls are eyeing Coinbase as their custodial services provider. In this strategic dance, Deaton’s foresight suggests a potential uptick in Blackrock’s investment in Coinbase.

It’s All About the Powerhouses!

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.

Also Read: Spot Bitcoin ETF Market Could Reach $100 Billion: Bloomberg

Blackrock’s Clever Strategies

Zooming in on Deaton’s crystal ball, the prediction unfolds — Blackrock might be gearing up for a strategic move, increasing its stake in Coinbase ($COIN). As the preferred custodian for influential players like Blackrock, Grayscale, WisdomTree, and Valkyrie, Coinbase stands on the brink of a windfall if the SEC greenlights spot Bitcoin ETFs.

Deaton’s prophecy hints at Blackrock recognizing this move and strategically positioning itself for a grand play.