BNP Paribas has acquired exposure to Bitcoin, Europe’s second-largest bank. spot ETF, per recent 13F filings with the SEC .
BNP Paribas’ filings reveal that it purchased BlackRock’s iShares Bitcoin Trust (IBIT) ETF.
JUST IN: 🇫🇷 Second largest European bank, BNP Paribas reports exposure to #Bitcoin ETF on 13F tax returns
It's just getting started 🚀 pic.twitter.com/4zi1EkAc07
— Bitcoin Magazine (@BitcoinMagazine) May 2, 2024
The U.S. spot Bitcoin ETFs, which were launched earlier in the year, have been incredibly successful. They now exceed $200 billion cumulative volume.
According to regulations, institutional investors who manage over $100 million in assets must report their holdings quarterly via 13F forms. Bitcoin investors are eagerly awaiting the 13F filings after their much-anticipated debut to find out which institutions have allocated to Bitcoin ETFs.
Prior 2024 Q1 filings revealed Purchases by family offices and asset managers like Park Avenue Securities and Inscription Capital.
BNP Paribas – Europe’s largest bank by assets with more than $600 billion under management – has also joined. BNP has roughly $40,000 investment in IBIT Although the amount of Bitcoin that an ETF will allow one of Europe’s biggest banks to hold is small, its importance for them to begin gaining exposure by way ETF.
Analysts believe that more filings of 13F before May 15, the deadline, could reveal a much higher level of institutional involvement in Bitcoin spot ETFs. These filings indicate that traditional players in finance are increasingly accepting of Bitcoin.
Bitcoin’s investment value will be further enhanced if more banks and asset management companies disclose their Bitcoin allocations.
The adoption of Bitcoin ETFs by traditional institutions may lead to a wider acceptance among the mainstream and more inflows for regulated Bitcoin investments. Bitcoin ETF purchases are still only a fraction of the portfolios. However, it is interesting to see that even traditional banks like BNP paribas have joined in.
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Source: bitcoinmagazine.com
