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UK-based multinational bank Barclays becomes the latest to gain exposure to Bitcoin after disclosing it owns shares of BlackRock’s IBIT.
Sources of the incessant inflows into the BlackRock iShares Bitcoin Trust (IBIT) are becoming profound with the latest institutional filings with the US Securities and Exchange Commission (SEC). This is because another high-caliber financial firm has disclosed exposure to the fund.
Barclays Bank revealed in its 13F filing with the US SEC yesterday that it bought Bitcoin through the IBIT exchange-traded fund (ETF). Per the report, the large bank acquired 2,473,064 shares of the BlackRock fund, worth $131 million at the period in review.
Notably, the report reviewed the quarterly financial report of corporate institutions for Q4 2024.
Another Institute Gains Bitcoin Exposure
Meanwhile, Barclays joins the growing list of institutional investors buying Bitcoin. Although the bank does not directly hold the pioneering cryptocurrency, the ETF product gives it an alternative means of riding the Bitcoin market tides.
Barclays acquired the IBIT ETF between October and December, when Bitcoin became a national issue in the United States. Pro-crypto President Donald Trump declared himself a Bitcoin president, and his November win sparked massive buy-ins into the asset directly and through traditional investment tools.
The FOMO did not just get to Barclays alone; other institutions also accrued massive amounts of Bitcoin ETFs. For perspective, investment bank Goldman Sachs disclosed in its latest 13F filing that its exposure to Bitcoin ETFs has grown twice as large as in the third quarter of 2024.
Furthermore, JP Morgan also followed a similar route, increasing its indirect exposure to the pioneering cryptocurrency. The banking giant disclosed holding ETFs worth nearly $1 million as of December 31.
More to Come?
Despite the growing acquisitions, market watchers have insisted there are more grounds to cover, specifically on the adoption front. BlackRock, for instance, recently stated that Bitcoin’s adoption is still early.
The Bitcoin ETFs achieved a burgeoning feat in year one, becoming one of the most successful ETF launches in history. However, BlackRock’s head of digital assets, Robert Mitchnick, insisted that several institutions and wealth managers are yet to come around.
If inflows persist or accelerate, as most speculate, Bitcoin will continue its blossoming price performance. The asset surged over 120% last year, spurred by growing demand and other strong macroeconomics, and analysts expect more in the final years of the asset’s cyclical phase.
Moreover, Standard Chartered and Bernstein analysts predict a Bitcoin surge to $200,000 by year-end, while VanEck forecasted a conservative $180,000. In the meantime, the asset trades at $97,241, up 2% in the past day.