A lot of institutions are now comfortable with bitcoin. They can just buy it directly, as long as it’s from a regulated entity.
Coinbase Now Has Over $90B in Assets on Platform
Coinbase Added 8 Million New Users in the Past Year
Rising crypto adoption will likely rally public investors behind Coinbase's IPO.
source from
https://www.coindesk.com/harvard-yale-brown-endowments-have-been-buying-bitcoin-for-at-least-a-year-sources
https://www.coindesk.com/coinbase-now-has-over-90b-in-assets-on-platform
https://cointelegraph.com/news/coinbase-added-8-million-new-users-in-the-past-year