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According to the 13F form submitted to the U.S. Securities and Exchange Commission (SEC), a well-established multinational bank like BNP Paribas has purchased shares in BlackRock’s iShares Bitcoin Trust (IBIT). As per the 13F report submitted on May 1st, BNP Paribas invested a total of $41,684.10 by purchasing 1,030 IBIT shares at $40.47 each in the first quarter of 2024. This amount is less than the current market price of a single Bitcoin.
BNP Baribas Acquires Bitcoin ETF Shares
BNP Paribas, Europe’s second-largest bank, has allocated a portion of its investment portfolio to IBIT. This move is one of the first confirmed cases of a major financial institution purchasing shares in a spot Bitcoin ETF, supporting the thesis that institutional investors might show interest in Bitcoin exchange-traded funds.
According to the requirements of the Securities and Exchange Commission, institutional investment managers with assets of at least $100 million must submit a 13F report every quarter. Banks and fund managers must submit their reports within a 45-day period following the end of the quarter. Foreign banks are also subject to these reporting requirements if they operate in the U.S. and, for example, purchase ETFs issued by American issuers.
Intense Interest in Spot Bitcoin ETFs
Matt Hougan, CIO of Bitwise, predicts that the recent high demand for spot Bitcoin ETFs over the past two months will be a long-term trend. Hougan highlights the “key takeaways” from his interactions with investors and capital allocators this month. One significant point Hougan notes is the “great diversity in the adoption rate of Bitcoin ETFs,” reflected by some financial advisors and national banks.
A Goldman Sachs report published after the U.S. SEC approved multiple spot Bitcoin ETFs in January warned that “market launch time and demand may not be immediate” among institutional investors.
This argument is also supported by Matt Hougan, CIO of the crypto index fund manager Bitwise. Hougan states, “The fact is, most professional investors still cannot buy Bitcoin ETFs,” adding:
“This situation will change over the next two years with more than 100 individual case studies.”
BNP Paribas Changes Its Stance
BNP Paribas’s decision to invest in Bitcoin ETFs reflects a change in previously held attitudes. In September 2022, Sandro Pierri, president of BNP Paribas Asset Management, stated, “We do not invest in cryptocurrencies and do not want to,” indicating that the firm’s client base had “significant interest” in crypto.
This new step indicates a transformation in the company’s attitude towards crypto assets and responds to increasing demand.
