Major Banks Disclose Exposure to Bitcoin ETFs
Two major global banks, JP Morgan and Wells Fargo, have revealed their exposure to Bitcoin through spot BTC exchange-traded funds launched in January. The disclosures were made in their 13F filings on May 10, showing a modest investment in the Bitcoin ETFs.
JP Morgan disclosed investments totaling $731,246 in BlackRock’s IBIT, Bitwise’s BITB, Fidelity’s FBTC, and Grayscale’s GBTC. The majority of the amount was in IBIT, at $477,425. Meanwhile, Wells Fargo reported a $141,817 investment in Grayscale’s GBTC during the first quarter.
BNP Paribas and BNY Mellon have also invested in Bitcoin ETFs, joining the trend among traditional financial institutions despite only making modest exposures. Morgan Stanley and UBS have expressed interest in allowing clients to invest in spot Bitcoin ETFs but have not yet disclosed direct exposure.
Experts predict that institutional flows into Bitcoin ETFs are just beginning, with the volume expected to increase as more sophisticated investors, like sovereign wealth funds, enter the market.
BlackRock, the issuer of IBIT, reported a $6.6 million investment in its own fund, following a trend seen in other spot Bitcoin ETF issuers like Ark Invest and Van Eck. IBIT has seen significant inflows and has reached $10 billion in assets under management, setting a new record in the industry.
The trend of traditional finance institutions entering the Bitcoin market is growing, with other companies like CTC Alternative Strategies, Hightower Advisors, US Bancorp, and more disclosing investments in spot Bitcoin ETFs. Since the launch of spot Bitcoin ETFs in January, hundreds of firms have made similar disclosures in their 13F filings.
Data shows that over 240 firms have invested in IBIT, over 130 in FBTC, and more than 467 in Grayscale’s GBTC. The interest in Bitcoin ETFs remains strong as the market continues to evolve.
