Institutional investors aren’t just betting on ‘number go up’ strategy for crypto anymore, they are shifting to hunting for steady sources of income.

Many institutions already hold bitcoin (BTC) and ether (ETH) on their balance sheets. While they are holding these assets for the long-term price appreciation, investors are increasingly seeking to put them to work to earn income while waiting, said Brett Tejpaul, Coinbase’s (COIN) head of institutional, in an interview with CoinDesk, noting that this is how the next phase of institutional money entering the digital asset sector will look.

“The second wave of institutions… is underway. It’s happening.”

That shift is shaping a new wave of products, he said. Coinbase last week launched a…