Bitcoin

BlackRock

<p>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.</p>
<h2 id="h-trend-towards-adoption-of-bitcoin-etfs-by-banks">Trend Towards Adoption of Bitcoin ETFs by Banks</h2>
<p>According to their May 10 13F filings, <a href="https://www.cointribune.com/en/jpmorgan-also-enters-the-bitcoin-spot-etfs-arena/" target="_blank" rel="noopener noreferrer nofollow">JP Morgan</a> 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.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>This trend is part of a <a href="https://coinpaprika.com/news/major-u-s-banks-disclose-growing-bitcoin-investments-through-etfs/" target="_blank" rel="noopener noreferrer nofollow">broader movement</a> of bitcoin adoption by traditional financial institutions, as evidenced by similar announcements from BNP Paribas and BNY Mellon.</p>
<p>According to the head of digital assets at <a href="https://www.cointribune.com/blackrock-etf-quels-sont-les-differents-etf-proposes/" target="_blank" rel="noopener noreferrer nofollow">BlackRock</a>, institutional interest in Bitcoin is just beginning and is expected to accelerate with the arrival of more seasoned investors such as sovereign wealth funds.</p>
<h2 id="h-etf-issuers-display-their-confidence">ETF Issuers Display Their Confidence</h2>
<p>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 <a href="https://www.cointribune.com/2024-lannee-du-bitcoin-ark-invest-parie-sur-une-ascension-sans-precedent/" target="_blank" rel="noopener noreferrer nofollow">Ark Invest</a> and Van Eck have also heavily bet on their own products.</p>
<p>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.</p>
<p>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 <a href="https://www.cointribune.com/en/?p=679815" target="_blank" rel="noopener noreferrer nofollow">GBTC</a>.</p>
<p>In short, the growing appetite of large banks and financial institutions for <a href="https://www.cointribune.com/blackrock-etend-la-liste-des-participants-autorises-pour-son-etf-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin ETFs</a> 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.</p>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://bitpanda.pxf.io/c/2801338/1295465/15871" target="_blank" rel="noopener noreferrer nofollow">Discover the Bitpanda platform</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">This link uses an affiliate program.</a>
</div>

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

Table of Contents

Cointribune EN

Other articles published on May 13, 2024

Digital Yuan Adoption Struggles in China

Bitcoin price shows strength as investors anticipate return of money printing

Bitfarms CEO Fired After Filing A $27M Lawsuit Against The Company

Hong Kong Kidnapping Over Crypto Dispute

5 Cheap Cryptocurrencies to Become Financially Free in 2024

El Salvador Reveals Holdings Via Personalized Mempool

Join our free newsletter for daily crypto updates!