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The rush of banking giants towards Bitcoin ETFs, a historic turning point!

Tue 14 May 2024 ▪ 3 min of reading ▪ by Fenelon L.

Financial giants such as JP Morgan and Wells Fargo announce an increasing exposure to Bitcoin ETFs, reflecting a shift in the perception of bitcoin by traditional financial institutions.

Les ETF Bitcoin dans des banques

Trend Towards Adoption of Bitcoin ETFs by Banks

According to their May 10 13F filings, JP Morgan has allocated $731,246 to various Bitcoin ETFs, with $477,425 in BlackRock’s IBIT, while Wells Fargo has invested $141,817 in Grayscale’s GBTC.

This trend is part of a broader movement of bitcoin adoption by traditional financial institutions, as evidenced by similar announcements from BNP Paribas and BNY Mellon.

According to the head of digital assets at BlackRock, institutional interest in Bitcoin is just beginning and is expected to accelerate with the arrival of more seasoned investors such as sovereign wealth funds.

ETF Issuers Display Their Confidence

BlackRock has invested $6.6 million in its own IBIT ETF, which reached a record $10 billion in assets under management in just 49 days. Other renowned issuers like Ark Invest and Van Eck have also heavily bet on their own products.

Moreover, traditional financial firms are strengthening their commitment. CTC Alternative Strategies has invested $27.7 million in the IBIT, while Hightower Advisors, US Bancorp, and SouthState have taken positions in various Bitcoin ETFs.

This wave of institutional adoption marks a turning point in the perception of cryptocurrencies by established financial players. Fintel data confirms this trend: over 240 companies have invested in the IBIT, more than 130 in the FBTC, and 467 in Grayscale’s GBTC.

In short, the growing appetite of large banks and financial institutions for Bitcoin ETFs indicates a profound evolution in their approach to cryptocurrencies. This accelerated adoption brings bitcoin closer to mainstream acceptance and opens a new era for digital currencies.

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Fenelon L. avatar
Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.