Bank of Montreal, the fourth largest bank in Canada, recently announced its investment in spot Bitcoin ETFs. It is a unique development for investors and crypto enthusiasts as the giant financial firm joins the league of traditional finance firms to acquire Bitcoin ETF.
Banking giant hops abroad the Crypto express
In a filing with the U.S. Securities and Exchange Commission (SEC), the bank revealed details about its exposure to spot Bitcoin ETF. Per the filing, the bank disclosed its holdings of Bitcoin ETF come from various issuers.
Since its inception, the leading financial firm has invested in ETFs from four different issuers including Fidelity (FBTC), Franklin Templeton (EZBC), BlackRock (IBIT), and Grayscale (GBTC). This is considered a major trend as the bank manages over $1 trillion in assets.
JUST IN: 🇨🇦 Bank of Montreal discloses spot #Bitcoin ETF holdings in new SEC filing. pic.twitter.com/519z0GpfQI
— Bitcoin Magazine (@BitcoinMagazine) May 13, 2024
The SEC green light to Bitcoin ETFs early this year has caused traditional institutions to jump on the assets train. This is due to the new opportunity that ETFs offer to invest directly in the underlying asset.
The popularity of Bitcoin ETF products keeps growing as Wells Fargo, the US’s third-largest bank and JPMorgan, an American banking giant revealed their exposure to spot Bitcoin ETFs in a filing with the SEC.
Bitcoin ETF triggers a bullish surge
At the time of writing, the price of Bitcoin is exchanging hands at $62,715.24, up by 2.17% in the last 24 hours.
It was quite a ride for the crypto market as Bitcoin and many altcoins moved from highs weeks ago to drawdowns in the past week. After spot Bitcoin ETF approval in January, the price soared to over $73,000. In Q1 2024, the product saw a massive influx of capital into spot Bitcoin ETFs worth billions of dollars.
MicroStrategy, the business intelligence firm led by Executive Chairman Michael Saylor, holds over 214,000 units BTC, a figure higher than any country in the world, including the US and UK.