The writer is a former global head of equity capital markets at Bank of America and is now a managing director at Seda Experts
Bitcoin’s spectacular surge this year has reignited a dilemma on Wall Street: how far should investment banks go in supporting cryptocurrency-related capital raisings? Recent offerings reveal a profound shift in thinking.
Not long ago, big banks kept crypto at arm’s length. The sector had a racy reputation, and bank leaders were vocal in their disdain. JPMorgan’s chief Jamie Dimon branded bitcoin a “fraud” and a “Ponzi scheme”. Regulatory fears deepened the chill. Crypto deals were left to smaller investment banks.
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