This move was highlighted in the latest 13F filings. It revealed that the bank has invested in BlackRock’s iShares Bitcoin Trust ETF (IBIT).
13F filings are mandated for institutional investors managing over $100 million and are crucial. They provide a quarterly snapshot of their holdings, offering insights into their investment strategies.
BNP Paribas Takes First Steps into Bitcoin ETFs
BNP Paribas’ modest $40,000 investment is a significant move for a major bank managing over $600 billion. The choice of a US spot Bitcoin ETF for this investment reflects a cautious yet strategic approach to gaining cryptocurrency exposure. It mitigates some of the risks associated with direct investments in digital currencies.
The debut of BlackRock’s iShares Bitcoin Trust ETF has been highly anticipated by the market. Investors are keenly watching 13F filings to gauge which major institutions are moving into Bitcoin ETFs.
JUST IN: 🇫🇷 Second largest European bank, BNP Paribas reports exposure to #Bitcoin ETF in 13F filings.
It's just getting started 🚀 pic.twitter.com/4zi1EkAc07
— Bitcoin Magazine (@BitcoinMagazine) May 2, 2024
Previously, in the first quarter of 2024, filings disclosed purchases by a variety of institutional investors. This includes asset managers, family offices, and banks such as Park Avenue Securities, Inscription Capital, and others.
BNP Paribas’ entry into this space marks a pivotal moment, particularly given its stature and influence in the European banking sector. Although the investment is small, it signals a growing comfort level with crypto investments among traditional banks, which have historically been cautious due to the volatile nature of digital currencies and regulatory uncertainties.
More About Bitcoin ETF
Recent updates on May 1st reveal significant sales of Bitcoin by major ETFs, leading to a substantial outflow. Fidelity led the group by selling 3,300 BTC, followed by GBTC which offloaded 2,900 BTC, ARK Investments with 1,700 BTC, and Blackrock selling 600 BTC.
🚨 #Bitcoin ETFs Update (May 1)
Fidelity Sells 3,300 BTC
GBTC Sells 2,900 BTC
ARK Sells 1,700 BTC
Blackrock Sells 600 BTCTotal Net Flows from all ETFs -9,750 #Bitcoin ($564M) pic.twitter.com/sRl6Jfz4JC
— Thomas | heyapollo.com (@thomas_fahrer) May 2, 2024
Collectively, these transactions resulted in a total net outflow of 9,750 Bitcoin, equivalent to approximately $564 million. This sizable withdrawal indicates a changing dynamic in investor sentiment and portfolio strategies among some of the leading ETFs in the crypto space.
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