Worried About Crypto Hacks? Buy Bitcoin Proxies in Stock Market Instead, Say Wall Street Firms

Wall Street analysts at Cantor Fitzgerald, TD Cowen and Compass Point call the record $6.4 billion theft a Binance security failure, not a crypto-wide threat. They recommend clients buy crypto proxies like Coinbase, Robinhood, and Strategy in the stock market instead of holding digital assets directly, citing resilience amid the hack.