Major Canadian and UK banks that enable their customers to invest in Bitcoin through exchange traded funds (ETFs) continue to build their presence in the cryptocurrency. However, their combined investments still pale in comparison to Wall Street giant Goldman Sachs.
Among those who have invested in BTC ETFs totaling over $280 million in Canada and UK are Canadian and UK financial institutions. The Bank of Montreal (BMO) has committed $150 million to BTC ETFs, setting the pace for the others.
Barclays Bank Joins the Bitcoin ETF Movement
BlackRock’s iShares Bitcoin Trust (IBIT), BMO’s largest holding, is worth $139 million of the $218 million the bank has in trust funds. That number gives $11 million to Ark 21Shares BTC ETF (ARKB), Fidelity Wise Origin BTC Fund (FBTC), and Grayscale Bitcoin Trust (GBTC).
On the other hand, UK based Barclays Bank too has taken a major step into the sector by reporting about $131 million in holdings in BlackRock’s IBIT.
In other words, banks can make these strategic investments to gain exposure to Bitcoin without direct regulatory and security challenges. Bitcoin ETFs are a safe and convenient way for financial institutions to get in the games of the cryptocurrency market.
Goldman Sachs Dominates Bitcoin ETF Investments
In spite of the interest of BMO and Barclays, their investments are small in comparison to the $1.56 billion that Goldman Sachs has invested into Bitcoin ETFs. Having diversified its’ holdings across IBIT, FBTC and more, making it an entity to watch in the crypto landscape.
This is a sign of how traditional financial institutions are coming to regard BTC. UK and Canadian banks participating in BTC on both the investment and mining fronts show that BTC is becoming an asset class and demonstrates its growing mainstream acceptance.
As more financial institutions are seeing the value in a BTC ETF, the scene is thus already set for the integration of more cryptocurrency into global financial markets and revolutionizing what digital asset investments will embody into the future.
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