BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home CRYPTO

European Banking Giants are Buying U.S. Spot Bitcoin ETFs

by Conie
May 2, 2024
in CRYPTO, INVESTING
Reading Time: 3 mins read
A A
1
SHARES
22
VIEWS
Share on XShare in TelegramShare on Reddit

• European banking giant BNP Paribas acquired 1,030 units of BlackRock’s iShares Bitcoin Trust (IBIT), representing an investment of approximately $41,684

• The investment marks BNP Paribas’ initial step into exploring Bitcoin (BTC) investments, despite being a relatively small amount given the bank’s extensive portfolio

• While institutional adoption of spot Bitcoin ETFs has declined recently, with the largest single-day outflow on May 1st, analysts expect a surge in advisors opting for these products by mid-May

The second-largest European bank, BNP Paribas, has made its first move into Bitcoin by acquiring shares of a spot Bitcoin exchange-traded fund (ETF). This marks an important step as the bank begins to explore crypto investments.

BNP Paribas Acquires Shares in Bitcoin ETF

According to a recent SEC filing, BNP Paribas purchased 1,030 units of BlackRock’s iShares Bitcoin Trust (IBIT). This represents an investment of approximately $41,684.

While a modest amount compared to BNP’s $600 billion in assets under management, this initial purchase signals the bank dipping its toes into Bitcoin. It comes on the heels of BNP’s push into crypto services over the past couple years.

BNP Paribas’ Crypto Journey So Far

In 2022, BNP partnered with Metaco to develop crypto custody solutions for regulated digital assets. This allows BNP to facilitate the issuance, transfer, and secure storage of crypto for clients.

BNP has also strategically invested in crypto startups helping build the digital economy. Last year, BNP and Goldman Sachs co-led a $100 million funding round for Fnality International. Fnality uses blockchain to enable efficient cash transfers between financial institutions.

ICYMI: 🇫🇷 France largest bank @BNPParibas bought $42,000 worth of BlackRock’s Spot #Bitcoin ETF yesterday

— BlockNews.com (@blocknewsdotcom) May 2, 2024

Institutional Interest in Bitcoin ETFs Debated

BNP’s Bitcoin ETF purchase coincides with declining institutional interest in these funds. On Thursday, total outflows hit $56.37 million – the highest single-day amount yet.

Fidelity’s FBTC saw over $191 million exit, while Grayscale’s GBTC bled $1.673 million. This has fueled debate around institutional adoption of Bitcoin ETFs.

Some, like Jim Bianco, believe institutional investors see the funds as unattractive. But Bloomberg‘s Eric Balchunas expects advisors to report major ETF ownership on upcoming 13F filings, signaling a potential turning point.

As advisors increasingly opt for the convenience of a Bitcoin ETF, Balchunas predicts hundreds more will disclose ownership this month. If so, it could drive record inflows over 2022’s first quarter and kickstart wider institutional adoption.

Tags: BitcoinBlockchaincryptoNFTsecWeb3
TweetShareShare
Previous Post

Kraken Adds Support for PEPE and WIF USD Pair

Next Post

PayPal Adds Moonpay Support for U.S. Users Allowing Direct Crypto Purchases

DON'T MISS THESE! HOT OFF THE PRESS

Toncoin and Telegram: The Sleeping Giant of 2025?
BITCOIN

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL
BITCOIN

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules
CRYPTO

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Connecticut Bans Bitcoin and Crypto for Government Funds
BITCOIN

Connecticut Bans Bitcoin and Crypto for Government Funds

July 1, 2025
Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme
CRYPTO

Shiba Inu: Turning $3,000 into $10,000 – The Math Behind the Meme

July 1, 2025
FARTCOIN Surges 148%—Is the Meme Just the Beginning?
CRYPTO

FARTCOIN Surges 148%—Is the Meme Just the Beginning?

July 1, 2025
Load More

Related News

Toncoin and Telegram: The Sleeping Giant of 2025?

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

Crypto Supply Shock: Bitwise Predicts Bullish Runs for BTC, But Shows Doubt With ETH and SOL

July 1, 2025
SEC Plans Shortcut for Crypto ETFs With New Listing Rules

SEC Plans Shortcut for Crypto ETFs With New Listing Rules

July 1, 2025
Donald Trump Threatens Elon Musk with DOGE Audit

Donald Trump Threatens Elon Musk with DOGE Audit

July 1, 2025
Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

Jerome Powell Says July May be Too Early for Rate Cuts, But Doesn’t Rule it Out

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.