European banking giant BNP Paribas ventures into Bitcoin ETF investment

In a significant development reported via a 13F filing with the US Securities and Exchange Commission (SEC), BNP Paribas, Europe's second-largest bank by assets, has made a notable entry into cryptocurrency investments. . The multinational bank acquired 1,030 shares of the BlackRock iShares bitcoin Trust (IBIT) during the first quarter of 2024. Each share was purchased at a price of $40.47, totaling an investment of $41,684.10, which curiously is equivalent to less than the value of a single bitcoin. at current market prices.

BNP Paribas Strategic Investment in bitcoin ETF

This movement for BNP Paribas It is considered a cautious but pioneering step in the space of spot bitcoin ETFs, highlighting a growing interest by traditional financial institutions in such investment vehicles. The transaction is particularly notable as it represents one of the initial instances in which a major bank has invested in a spot bitcoin ETF, going some way to affirming the hypothesis that institutional investors are beginning to consider bitcoin exchange-traded funds. bitcoin as a viable investment option.

Institutional investment managers, including those at foreign banks such as BNP Paribas that conduct transactions in the US, such as purchasing US ETFs, are mandated to disclose their quarterly investments through 13F Reports to the SEC. These filings are required for entities managing assets worth at least $100 million and must be filed within 45 days of the end of a quarter.

Exploring institutional interest in cryptocurrency investments

Despite this move, overall market sentiment towards bitcoin ETFs has been mixed. A Goldman Sachs report released shortly after the US SEC approved several spot bitcoin ETFs in January indicated that immediate market capture and interest from institutional investors may not materialize quickly. This view is supported by Matt Hougan, CIO of crypto index fund manager Bitwise, who noted that most professional investors cannot yet invest in bitcoin ETFs, although he anticipates this will gradually change in the coming years following extensive processes. individual due diligence. .

Since its introduction in January, bitcoin ETFs have attracted $11.2 billion in net inflowsaccording to data from Far Side Investors, even as they observed over $17.4 billion in outflows from the Grayscale bitcoin Trust (GBTC). Additionally, recent trends have shown substantial outflows from bitcoin ETFs, including over $563 million in net outflows in just one day, influenced in part by the US Federal Reserve's decision to hold interest rates on hold. interest, which has made investors wary of riskier assets like stocks and cryptocurrencies. .

This cautious foray into bitcoin ETFs marks a significant change of stance for BNP Paribas. It was only in September 2022 that Sandro Pierri, director of BNP Paribas Asset Management, expressed the company's disinterest in cryptocurrencies, citing the lack of substantial client demand for this type of investment. This recent investment suggests a changing outlook within the bank regarding digital asset commitments.

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ONLY IN: Europe's second largest bank, BNP Paribas, bought a place in BlackRock twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF Shares. pic.twitter.com/Am9JV83MeM

— Radar (@RadarHits) twitter.com/RadarHits/status/1786008797992890657?ref_src=twsrc%5Etfw”>May 2, 2024

Sealana: a new meme coin inspired by pop culture

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