Bitcoin whales are shifting to traditional finance, trading spot positions for BlackRock’s Bitcoin ETFs, giving up self-custody for broader wealth management tools. BlackRock has facilitated over $3 billion in conversions, with iShares Bitcoin Trust leading the spot ETF market. Self-custodied Bitcoin breaks a 15-year uptrend as ETF adoption rises.

Ripple-backed Evernorth plans to go public via merger, creating an XRP-focused treasury company. The deal with Armada Acquisition Corp. II is expected to raise over $1 billion, with investments from SBI Holdings, Ripple, Kraken, Pantera Capital, and GSR. CEO aims to accelerate XRP adoption despite potential headwinds from altcoin prices.

Galaxy Digital reports strong Q3 earnings fueled by trading activity and institutional demand. The company posts $505 million in net income, with $629 million in adjusted earnings. Galaxy facilitates an 80,000 BTC transaction for a client, with $3.2 billion in equity and 140% increase in trading volumes from the previous quarter.

Wise may be exploring stablecoin products as it recruits a digital asset product lead. The fintech platform is hiring to support its expansion into digital assets, potentially signaling a move into stablecoin-based products. The London-based company is known for its low-cost international money transfers to over 160 countries.

Read more at Cointelegraph: Whales Trade Bitcoin Keys for Comfort