Investment bank TD Cowen released a report stating that Bitcoin is increasingly evolving beyond its role as an investable asset towards a broader financial infrastructure, with the potential to support new capital market activities in the future. After attending this week's Bitcoin Treasuries conference in New York, the bank observed a growing discussion among institutions about leveraging Bitcoin to support capital markets, and Bitcoin custody services are becoming more institutionalized. For example, BNY Mellon already offers digital asset custody, and Deutsche Bank also plans to launch Bitcoin custody services later in 2026.