BNP Paribas, Europe’s second-largest bank, has reduced its exposure to Bitcoin. Spot ETFaccording to recent 13F filing with SEC .
BNP Paribas has acquired BlackRock’s iShares Bitcoin Trust ETF (IBIT), according to a filing.
JUST IN: 🇫🇷 Europe’s second largest bank, BNP Paribas, reports exposure #bitcoin ETF currently applying for 13F.
It’s only just begun 🚀 pic.twitter.com/4zi1EkAc07
— Bitcoin Magazine (@BitcoinMagazine) May 2, 2024
The US Spot Bitcoin ETF has been a huge success since its launch earlier this year, with cumulative trading volume exceeding $200 billion.
Regulations require large institutional investors with more than $100 million under management to disclose quarterly holdings through 13F filings. After its long-awaited debut, Bitcoin investors have been waiting for these filings to find out which institutions will allocate funds to Bitcoin ETFs.
Previous Q1 2024 Submitted documents have been revealed The purchases were made by asset managers, family offices and banks including Park Avenue Securities, Inscription Capital, Wedbush Private Capital and American National Bank.
This time, BNP Paribas, Europe’s second largest bank with over $600 billion in assets under management, participated. $40,000 investment in IBIT Given its relatively small size, it is significant that one of Europe’s largest banks begins gaining exposure to Bitcoin through an ETF.
More 13F filings by the May 15 deadline could reveal substantially more institutional participation in the Spot Bitcoin ETF, analysts said. Filings so far indicate that Bitcoin is gaining acceptance among traditional financial players.
As more large banks and asset managers disclose their Bitcoin allocations, it will further validate Bitcoin as an investable asset class.
Adoption by conservative institutions could further widen mainstream acceptance and drive further flows into regulated Bitcoin investment vehicles. So far, Bitcoin ETF purchases are only a small part of the portfolio, but the fact that large traditional companies like BNP Paribas are participating is telling.
