New data shows one of the world’s largest banks is acquiring shares of BlackRock’s spot market Bitcoin (BTC) exchange-traded fund (ETF).
In a new one submit Together with the US Securities and Exchange Commission (SEC), France-based BNB Paribas – the ninth largest bank in the world – purchased 1,030 shares of the iShares Bitcoin Trust (IBIT) for a total of $41,684.
According to the documents, global banking institutions’ investments in IBIT have fallen by just under 20% since the acquisition in late March.
“BNB Paribas has filed a 13F-HR form disclosing ownership of 1,030 shares of iShares Bitcoin Trust, valued at $41,684 as of March 31, 2024. The current value of the position is $33,362”
Bids to create spot-traded BTC products (ETPs) were approved by the SEC in January after the regulator rejected them for years. Spot BTC ETFs give investors exposure to the top crypto assets by market cap, without having to purchase the assets themselves.
Other financial giants that have launched BTC ETFs include VanEck, BitWise, Fidelity and Cathie Wood’s ARK Invest.
Previously, data from the research arm of crypto exchange BitMEX showed that BlackRock had a record day in terms of inflows into BTC ETFs in February. According to BitMEX, BTC ETFs saw net inflows worth $673 million on February 28.
Bitcoin is trading at $59,255 at the time of writing, up 4.5% over the past 24 hours.
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Featured image: Shutterstock/eliahinsomnia