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In a significant development for the cryptocurrency industry, European banking giant BNP Paribas has disclosed exposure to a spot Bitcoin ETF in its latest 13F filing. This move signals the bank’s growing acceptance of Bitcoin and could further boost interest in Bitcoin ETFs.
BNP Paribas Invests in BlackRock’s Bitcoin ETF
According to the 13F filing, BNP Paribas invested in BlackRock’s iShares Bitcoin Trust (IBIT) by purchasing 1,030 shares, worth approximately $41,684. While the investment amount may seem modest, it represents a notable step towards Bitcoin adoption by a major financial institution.
Analysts have lauded BNP Paribas’s investment in a Bitcoin ETF, highlighting its potential impact on institutional adoption of Bitcoin and the overall demand for Bitcoin ETFs. The move is seen as a vote of confidence in Bitcoin’s future and could encourage other banks and institutional investors to follow suit.
Bloomberg’s senior ETF analyst, Eric Balchunas, had previously shared his observation that many investment advisors, including banks and other institutional investors, were already investing in Bitcoin ETFs but had yet to disclose or report their holdings. Balchunas further noted that he expected over 500 investment advisors to disclose their Bitcoin ETF holdings by the 13F filing deadline of May 15th.