TD Cowen says Bitcoin is shifting from a standalone investable asset toward financial infrastructure that can support capital-markets activity. The bank points to growing institutional interest in bitcoin custody, with Deutsche Bank and BNY Mellon both moving into digital-asset services.
Investment bank TD Cowen said in a Tuesday note that Bitcoin is moving beyond its role as an investable asset and toward a broader role as financial infrastructure capable of supporting capital-markets activity. The note followed TD Cowen's attendance at this week's BitcoinTreasuries Conference in New York, where the bank said institutions showed more interest in the ecosystem forming around bitcoin than in simply accumulating it.
According to a Tuesday TD Cowen note, the asset's next phase could involve "supporting capital markets infrastructure."
Nasdaq-listed Strategy, the largest corporate holder of bitcoin, has long argued the asset will underpin other financial products, and it currently offers preferred stocks that pay investors dividends. TD Cowen said bitcoin custody is becoming more institutional as larger pools of capital enter the ecosystem.
BNY Mellon became the first major U.S. bank to offer digital asset custody services in 2022. Deutsche Bank said this month it will launch a bitcoin custody service for European corporate and institutional clients later in 2026. TD Cowen, a division of TD Securities, said these developments show bitcoin continuing to evolve into a broader financial ecosystem supporting sophisticated institutional participation.
Source: Bitcoin Magazine
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