When many think of Wisconsin's economy, they envision dairy farms and manufacturing facilities. But investment firms have taken increased interest in the state's natural resources, as the stock market's early 2023 gains reflect a fundamental shift in leadership. Bitcoin's gains say otherwise, say analysts at Bain Capital Ventures, the venture arm of the namesake private equity giant, which has raised $1.9 billion across two new venture funds. Investment firms are showing a growing interest in an increasingly scarce natural resource in the American West. As long as crypto platforms and lenders aren't registered as exchanges or banks, they wouldn't qualify as custodians in the latest SEC regulations. The list only focuses on investments in those companies' stock though, Sacks said. “It wouldn't cover a joint venture or a partnership with a company,” he said. This means that investment firms looking to cash in on natural resources may have to look elsewhere, such as in venture capital investments or other non-traditional means.