Bank of Montreal SEC filings reveal exposure to several Bitcoin ETFs

  • This follows the trend of conventional financial institutions purchasing Bitcoin ETFs.
  • The Bank of Montreal holds Bitcoin exchange-traded funds (ETFs) in four issuers.

A recent SEC filing by the Bank of Montreal revealed the bank’s exposure to spot Bitcoin ETFs. The bank revealed a number of spot ETF holdings by issuers in a recent release. This follows the trend of conventional financial institutions purchasing Bitcoin ETFs.

Canada’s fourth largest bank, Bank of Montreal, holds Bitcoin exchange-traded funds (ETFs) in four issuers: Fidelity (FBTC), Franklin Templeton (EZBC), BlackRock (IBIT) and Grayscale (GBTC). The bank has assets of more than $1 trillion.

Optimism of conventional institutions

Bitcoin Exchange Traded Funds (ETFs) were approved by the SEC on January 11, as expected, and conventional institutions have increased their exposure to Bitcoin. The reason for this is that an ETF opens up new opportunities to invest in the underlying asset. Wells Fargo, the third largest bank in the United States, disclosed its exposure to Bitcoin spot ETFs in a filing with the SEC last week.

As conventional institutions appeared to ramp up their accumulation, JPMorgan Chase also disclosed its ETF holdings. Following these revelations, there has been a general increase in positive sentiment on social media, with many people predicting greater asset inflows.

Last year the cryptocurrency market aimed to recover from the low prices of 2022. Several companies followed BlackRock’s lead and applied to join exchange-traded funds (ETFs), setting in motion the new upward growth trend .

Bitcoin’s price jumped above $44,000 in December due to increased institutional flows, then skyrocketed to around $73,000 following approval in January. With billions of dollars flooding the market, spot Bitcoin ETF inflows exploded in the first quarter of 2024.

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