As an experienced financial analyst, I believe BNY Mellon’s investment in Bitcoin ETFs marks a significant milestone for the digital asset class. The oldest and largest US bank’s entry into this space underscores the growing acceptance of cryptocurrencies by traditional financial institutions.
The venerable and expansive American banking institution, The Bank of New York Mellon Corporation (BNY Mellon), which boasts a rich history as the oldest and largest in the US, has made public its ownership of Bitcoin Exchange Traded Funds (ETFs). As indicated in its latest Securities and Exchange Commission (SEC) submissions, BNY Mellon has procured shares in Bitcoin spot ETFs overseen by BlackRock and Grayscale.
BNY Mellon Bought Bitcoin ETFs Worth $1.2 Million
Julian Fahrer, the co-founder and CEO of Apollo, announced on social media platform X, previously known as Twitter, the importance of Bank of New York Mellon’s recent disclosure. “Breaking News: The $49 trillion banking giant, BNY Mellon, acknowledged holding investments in various Bitcoin ETFs according to their SEC filings. BNY Mellon is the oldest American bank.”
JUST IN: $49T bank BNY Mellon reports exposure to multiple #Bitcoin ETFs in SEC filings!
BNY is America’s oldest bank
— Julian Fahrer (@Julian__Fahrer) April 25, 2024
As a crypto investor, I’d interpret it this way: In the SEC filings, BNY Mellon disclosed buying a few representative shares of Grayscale Bitcoin Trust (GBTC). They started with 3 shares for $166 and later bought 7,105 more for $448,823. Regarding BlackRock’s Bitcoin Trust (IBIT), they initiated small investments, purchasing one share at $50 as a starting point. Subsequently, they bought 17,123 shares priced at $629,968 and an additional 2,794 shares for $113,073.
“Oliver L. Velez, a renowned author and financier, highlighted BNY Mellon’s dominance in the digital asset sector: ‘BNY Mellon is the leading wealth custodian globally. To put Black Rock’s $10 trillion in assets under management into perspective, consider BNY Mellon’s impressive $49 trillion.’ #stackmore”
The decision by BNY Mellon in October 2022 to offer cryptocurrency custody services for certain institutional clients represents a significant shift among conventional financial institutions towards embracing cryptocurrencies. This move underscores a broader trend of traditional finance firms exploring the digital asset space and treating crypto as a viable investment option alongside traditional assets.
Bitcoin ETFs Gain Popularity Among Conservative Wealth Managers
I’ve noticed an intriguing convergence of events lately. Only two weeks ago, we witnessed disclosures from various 13F filings about significant Bitcoin purchases by prominent Wall Street firms and American banks. As Bitcoinist previously announced, these financial institutions have been actively acquiring spot Bitcoin Exchange-Traded Funds (ETFs).
Expert: Crypto analyst MacroScope (@MacroScope17) observed the richness and consequences of these filings. By examining latest 13F submissions, he proposed that these reports might uncover substantial Bitcoin spot ETF holdings as the mid-May deadline draws near.
As a crypto investor following MacroScope’s analysis, I find it intriguing that the Bitcoin ETF filings have caught the attention of wealth managers. Most of these managers hail from the Midwest or Middle America, known for their more traditional investment approaches. Their decision to invest in Bitcoin ETFs might suggest a long-term concern over inflation and the US debt situation.
In my previous tweet about the Bitcoin ETFs, I said this about the current 13F filings:
1. They will show larger position sizes as we approach the mid-May deadline.
2. So far, the filings indicate popularity with wealth managers.
3. Many of the wealth managers reporting…
— MacroScope (@MacroScope17) April 26, 2024
Highlighting specific examples from the filings, MacroScope mentioned Fielder Capital, a financial adviser in Tennessee, which reported owning 377,524 shares of the Bitwise Bitcoin ETF (BITB) valued at $14.6 million—making it the third-largest position in their portfolio. Fielder Capital also holds 130,756 shares of Grayscale’s BTC worth $8.2 million, totaling $223.7 million in reported portfolio positions.
MacroScope’s analysis indicates a surge and expanding curiosity amongst regional wealth managers towards Bitcoin exchange-traded funds (ETFs), particularly the spot variety. This trend could be fueled by macroeconomic worries and an investment approach aimed at shielding assets from inflation.
Our wealth management team, based in Middle America, holds substantial investments. Regarding your worries about inflation and the US national debt, I recommend watching the video on our firm’s website from September 2023 for their perspective. Wealth managers tend to be cautious with their funds, so it seems unlikely they will be selling soon. Prepare for an increase in 13F filings similar to this one in the upcoming quarters.
At press time, BTC traded at $64,332.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD COP PREDICTION
- Ethereum (ETH) Crashes Dramatically, What’s Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test
- Profit from the Dip: Hong Kong To Debut Asia’s First Inverse Bitcoin ETF — Here’s When
- US Govt Dumps $4M In Bitcoin Again, Another BTC Selloff Ahead?
- Bitwise Ether ETF Reveals 10% Profit Donation To Ethereum Developers
- USD PHP PREDICTION
- Breaking: Spot Ethereum ETF Trading Affirmed by US SEC
2024-04-26 18:12