BNY Mellon invests in Bitcoin ETFs, signaling a major shift in traditional banking towards embracing Bitcoin.
BNY Mellon, the oldest American bank and the world's largest custodian bank, has announced its entry into the Bitcoin Exchange-Traded Funds (ETFs) market. The bank's recent filing with the Securities and Exchange Commission (SEC) reveals investments in BlackRock’s iShares Bitcoin Trust (IBIT) and Grayscale’s Bitcoin Trust (GBTC).
According to the SEC filing, BNY Mellon has made several purchases of BlackRock's IBIT, totaling 19,918 shares valued at over $720,000. Additionally, the bank acquired 7,108 shares of GBTC, which are approximately worth $405,000 at present market rates.
The SEC's approval of spot Bitcoin ETFs earlier this year has led to increased institutional interest, with BNY Mellon's involvement lending further credibility to Bitcoin as an investment. BlackRock's IBIT, despite a recent day of zero inflows, maintains over $17.5 billion in assets under management. The market has seen a net $12.3 billion worth of bitcoin notched by new spot bitcoin ETFs.
While there are no direct quotes included in the provided data, the SEC filings serve as primary sources, detailing BNY Mellon's investments and the growth of ETFs like BlackRock's IBIT and Grayscale's GBTC.
Wall Street giants like Morgan Stanley are also exploring bitcoin ETFs, signaling a potential rise in retail investment once major broker-dealers increase access to Bitcoin ETF products.
