The Bank of New York Mellon Corporation (BNY Mellon), the oldest and one of the largest banks in the United States, has revealed its investments in bitcoin exchange-traded funds (ETFs). According to its recent filings with the Securities and Exchange Commission (SEC), BNY Mellon has acquired stakes in btc spot ETFs managed by BlackRock and Grayscale.
BNY Mellon Bought $1.2 Million bitcoin ETF
Julian Fahrer, co-founder and CEO of Apollo, highlighted the importance of this move on social media platform in SEC filings! “BNY is the oldest American bank in the United States.”
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JUST IN: $49 trillion bank BNY Mellon reports multiple exposure twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#bitcoin ETF in SEC filings!
BNY is the oldest bank in the United States
– Julián Conductor (@Julian__Fahrer) twitter.com/Julian__Fahrer/status/1783621523066237273?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>April 25, 2024
The details of the investment, according to the SEC presentation, include small but symbolic purchases. BNY Mellon's commitment to Grayscale involved the purchase of 3 shares of Grayscale's bitcoin Trust (GBTC) for $166 and another 7,105 shares for $448,823. In terms of BlackRock's IShares bitcoin Trust (IBIT), the bank made initial minimum purchases, acquiring one share for $50, followed by 17,123 shares worth $629,968 and 2,794 shares valued at $113,073.
Oliver L. Vélez, noted book author and professional trader, contextualized BNY Mellon's financial influence in the digital asset space: “NY Mellon is the largest custodian of wealth on planet Earth. If you think the fact that Black Rock has $10 trillion under management is a big deal, try BNY Mellon's $49 trillion. #stackharder”
This strategic move by BNY Mellon underscores a broader trend of traditional financial institutions moving closer to cryptocurrencies. As of October 2022, BNY Mellon had already expanded its service portfolio by introducing cryptocurrency custody services for select institutional clients, signaling its commitment to integrating digital assets alongside traditional assets.
bitcoin ETFs Gain Popularity Among Conservative Wealth Managers
The development coincides with revelations from other 13F filings just two weeks ago. As Bitcoinist reported, several major Wall Street firms and US banks have started buying spot bitcoin ETFs.
Cryptoanalyst MacroScope (@MacroScope17) highlighted the diversity and implications of these presentations. He analyzed recent 13F filings and suggested that these documents would reveal larger spot bitcoin ETF positions as the mid-May deadline approaches.
MacroScope noted: “The filings so far indicate popularity among wealth managers. Many of the wealth managers who claim to own bitcoin ETFs are located in the Midwest/Mid-United States, which is generally more conservative-minded, and their ETF ownership could indicate a long-term concern about inflation and inflation. United States debt situation.
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In my previous tweet about bitcoin ETFs, I said this about the current 13F filings:
1. They will show larger positions as we get closer to the mid-May deadline.
2. Filings so far indicate popularity among wealth managers.
3. Many of the wealth managers who report…
— Macroscope (@MacroScope17) twitter.com/MacroScope17/status/1783783406213472438?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>April 26, 2024
MacroScope highlighted specific examples from the filings and mentioned Fielder Capital, a Tennessee financial advisor, who reported owning 377,524 shares of the Bitwise bitcoin ETF (BITB) valued at $14.6 million, making it the third-largest holding. big of your wallet. Fielder Capital also owns 130,756 shares of Grayscale's btc worth $8.2 million, for a total of $223.7 million in reported portfolio positions.
MacroScope's commentary suggests strong and growing interest in spot bitcoin ETFs among regional wealth managers, potentially driven by macroeconomic concerns and a strategy to hedge against inflation.
“We have a wealth manager, from Central America, with large positions. And in terms of concerns about inflation and US debt, watch the video below on the company's website from September 2023. I've said that wealth managers are sticky money. Does it look like they will sell out soon? Expect many 13F filings like this in the coming quarters,” he concluded.
At the time of publication, btc was trading at $64,332.
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