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World’s Ninth-Largest Bank Acquires Shares of BlackRock’s Spot Bitcoin ETF, According to SEC Filing

New data reveals that one of the biggest banks in the world is acquiring shares of asset manager BlackRock’s spot market Bitcoin (BTC) exchange-traded fund (ETF).

In a new filing with the U.S. 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 filing, the global banking institutions’ investment into IBIT is down just under 20% since it was bought at the end of March.

“BNB Paribas 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 market BTC exchange-traded products (ETPs) were approved by the SEC in January after years of the regulatory agency rejecting them. Spot market BTC ETFs give investors exposure to the top crypto asset by market cap without them having to purchase the asset itself.

Other financial giants that launched BTC ETFs include VanEck, BitWise, Fidelity, and Cathie Wood’s ARK Invest.

Previously, data from the research branch of crypto exchange BitMEX found that in February, BlackRock drove a record-breaking day in terms of inflows into BTC ETFs. According to BitMEX, on February 28th, BTC ETFs saw $673 million worth of net inflow.

Bitcoin is trading for $59,255 at time of writing, a 4.5% increase during the last 24 hours.

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The post World’s Ninth-Largest Bank Acquires Shares of BlackRock’s Spot Bitcoin ETF, According to SEC Filing appeared first on The Daily Hodl.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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