tl;dr
Multinational bank BNP Paribas purchased 1,030 shares of BlackRock's iShares Bitcoin Trust (IBIT) in the first quarter of 2024 at $40.47 per share, totaling $41,684.10. This marks one of the first instances of a major financial institution investing in a spot Bitcoin ETF. Institutional investment ma...
BNP Paribas made a significant shift in their stance on cryptocurrencies by purchasing 1,030 shares of BlackRock's iShares Bitcoin Trust (IBIT) at $40.47 per share, totaling $41,684.10.
Foreign banks trading in the U.S., like BNP Paribas, must submit quarterly 13F reports to the SEC, as per institutional investment regulations.
Goldman Sachs and Bitwise cautioned that institutional investor demand for Bitcoin ETFs might not be immediate, citing market conditions and Federal Reserve decisions, despite $11.2 billion in net inflows since the launch of Bitcoin ETFs in January.
BNP Paribas, the second-largest bank in Europe, had previously expressed little interest in cryptocurrencies but now holds shares in BlackRock's spot Bitcoin ETF, marking a notable departure from its previous stance.
The move underscores the growing institutional interest in Bitcoin ETFs, despite initial caution from major financial entities.
Additionally, recent outflows from Bitcoin ETFs coincide with the U.S. Federal Reserve's decision to maintain unchanged interest rates, signaling a cautious approach to risk assets like stocks and crypto.
BNP Paribas' decision to invest in Bitcoin ETFs represents a significant shift from its previous stance against cryptocurrencies, an about-face from its position in September 2022.
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