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Bank of Montreal’s SEC Filing Reveals Exposure to Several Bitcoin ETFs

  • This follows the trend of conventional financial institutions purchasing Bitcoin ETFs.
  • The Bank of Montreal holds Bitcoin exchange-traded funds (ETFs) in four issuers.

A recent SEC filing by Bank of Montreal revealed the bank’s exposure to spot Bitcoin ETFs. A number of issuers’ spot ETF holdings were revealed by the bank in a recent disclosure. This follows the trend of conventional financial institutions purchasing Bitcoin ETFs.

The fourth-largest bank in Canada, the Bank of Montreal, holds Bitcoin exchange-traded funds (ETFs) in four issuers: Fidelity (FBTC), Franklin Templeton (EZBC), BlackRock (IBIT), and Grayscale (GBTC). The bank has over $1 trillion in assets.

Conventional Institutions Optimistic

Bitcoin exchange-traded funds (ETFs) were approved by the SEC on January 11, as expected, and conventional institutions have increased their exposure to Bitcoin. The reason for this is because an ETF opens up new opportunities for investing in the underlying asset. Wells Fargo, the third-largest bank in the US, disclosed its exposure to spot Bitcoin ETFs in a filing with the SEC last week.

As conventional institutions seemed to be increasing their accumulation, JPMorgan Chase also disclosed its ETF holdings. Following these disclosures, there was a general uptick in positive sentiment on social media, with many people predicting more asset inflows.

The cryptocurrency market aimed to recover from 2022’s low pricing last year. A number of companies followed BlackRock’s lead and applied for exchange-traded funds (ETFs), setting in motion the new upward growth trend.

Bitcoin’s price jumped above $44,000 in December due to increased institutional flows, and then skyrocketed to around $73,000 after the approval in January. With billions of dollars flooding the market, spot Bitcoin ETF inflows exploded in the first quarter of 2024.

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