Thursday, May 2, 2024

Second Largest European Bank is Buying Bitcoin ETF: 13F SEC Fillings

BNP Paribas, the second largest European bank, has purchased exposure to Bitcoin via a spot ETF, per recent 13F filings with the SEC

The filings show BNP Paribas bought BlackRock's iShares Bitcoin Trust ETF (IBIT).

U.S. spot Bitcoin ETFs have seen immense success since launching earlier this year, crossing $200 billion in cumulative volume. 

Under regulations, large institutional investors managing over $100 million must disclose their quarterly holdings via 13F filings. After their highly anticipated debut, Bitcoin investors have been awaiting these filings to see which institutions are allocating to Bitcoin ETFs. 

Previous 2024 Q1 filings revealed purchases by asset managers, family offices, and banks like Park Avenue Securities, Inscription Capital, Wedbush Private Capital, and American National Bank.

Now, BNP Paribas, Europe's second-largest bank with over $600 billion in assets under management, has joined in. While BNP's roughly $40,000 investment in IBIT is relatively small, it's significant for one of the largest banks in Europe to start gaining Bitcoin exposure via an ETF.

According to analysts, more 13F filings before the May 15 deadline could uncover substantially more institutional participation in spot Bitcoin ETFs. The filings so far indicate a growing acceptance of Bitcoin among traditional finance players.

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If more major banks and asset managers disclose Bitcoin allocations, it would further validate Bitcoin as an investable asset class. 

Adoption by old-guard institutions could spur wider mainstream acceptance and additional inflows into regulated Bitcoin investment vehicles. While Bitcoin ETF purchases remain a small fraction of portfolios so far, the fact that traditional giants like BNP Paribas are participating is telling. 



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