European bank giant BNP Paribas invests in Bitcoin ETF investment

adminMay 3, 2024

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BNP Paribas, Europe’s second-largest bank by assets, has made notable progress in cryptocurrency investing, in a significant development reported in a 13F filing with the U.S. Securities and Exchange Commission (SEC). The multinational bank acquired 1,030 shares of BlackRock iShares Bitcoin Trust (IBIT) in the first quarter of 2024. Each share was purchased at a price of $40.47, bringing the total investment to $41,684.10, which, interestingly, is less than the value of a single Bitcoin. At current market price.

BNP Paribas’ strategic investment in Bitcoin ETF

This move by BNP Paribas is seen as a cautious yet pioneering move into the spot Bitcoin ETF space, highlighting the growing interest from traditional financial institutions in these investment vehicles. This deal is particularly noteworthy because it represents one of the earliest instances of a major bank investing in a physical Bitcoin ETF. This somewhat confirms the hypothesis that institutional investors are starting to consider Bitcoin exchange-traded funds as a viable investment option.

Institutional investors who trade in the United States, such as foreign banks such as BNP Paribas, such as purchasing U.S. ETFs, are required to disclose quarterly investment details to the SEC through 13F reports. These reports are required for companies with at least $100 million in assets under management and must be filed within 45 days of the end of each quarter.

Exploring institutional interest in cryptocurrency investment

Despite these moves, overall market sentiment toward Bitcoin ETFs was mixed. Goldman Sachs’ report, released shortly after the U.S. SEC approved several spot Bitcoin ETFs in January, indicates that immediate market uptake and interest from institutional investors may not materialize quickly. This view is supported by Matt Hougan, CIO of cryptocurrency index fund manager Bitwise. He noted that most professional investors still cannot invest in Bitcoin ETFs. But he expects this will change gradually over the next few years following an extensive individual due diligence process. .

Bitcoin ETFs have seen net inflows of $11.2 billion since their January launch, while Grayscale Bitcoin Trust (GBTC) has seen outflows of more than $17.4 billion, according to data from Farside Investors. Additionally, recent trends have seen significant outflows from Bitcoin ETFs, including a net outflow of more than $563 million in just one day, influenced in part by the U.S. Federal Reserve’s decision to keep interest rates on hold, which has prompted investors to bet on the stock. and cryptocurrencies have made them wary of riskier assets. .

This cautious foray into Bitcoin ETFs marks a significant change in BNP Paribas’ position. In September 2022, Sandro Pierri, head of BNP Paribas Asset Management, expressed the company’s disinterest in cryptocurrencies, citing a lack of real customer demand for such investments. This investment signals a shift in the bank’s perspective on digital asset participation.

JUST IN: 🇪🇺 BNP Paribas, Europe’s second largest bank, acquired BlackRock spot shares. #Bitcoin ETF stocks. pic.twitter.com/Am9JV83MeM
— Radar🚨 (@RadarHits) May 2, 2024

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