Institutional Attention Shifts from Owning Bitcoin to Building Around It

TD Cowen analyst Lance Vitanza says the institutional conversation about Bitcoin is shifting from who owns it to what's being built around it. This shift could end up mattering as much as Bitcoin adoption itself, according to a sector note dated September 29.

The three themes shaping the next phase of institutional Bitcoin adoption are outlined in the note: Bitcoin evolving from an asset into a capital markets ecosystem, the conversation shifting from adoption to implementation, and infrastructure becoming more important than many investors appreciate. Vitanza names capital markets, implementation frameworks, and institutional infrastructure as key areas gaining attention.

Custody, product design, and operational frameworks are being prioritized in these efforts, with examples including BNY Mellon's 2022 entry into digital asset custody and Deutsche Bank's planned Bitcoin custody launch in late 2026. The focus is on making it easier for institutions to use Bitcoin, rather than just owning it.