Major financial institutions in Canada and the United Kingdom are expanding their exposure to BTC by investing over $280 million in spot Bitcoin exchange-traded funds (ETFs).
The Bank of Montreal (BMO), one of Canada’s largest banks, has allocated $150 million to spot Bitcoin ETFs.
According to a filing with the US Securities and Exchange Commission (SEC), BMO’s largest holding is BlackRock’s IBIT, accounting for $139 million of its total investment. The remaining $11 million is spread across Ark 21Shares Bitcoin ETF (ARKB), Fidelity Wise Origin Bitcoin Fund (FBTC), and Grayscale Bitcoin Trust (GBTC).
On the other side of the Atlantic, UK-based Barclays Bank has also entered the crypto ETF sector, revealing $131 million in holdings in BlackRock’s IBIT.
Barclays Bitcoin ETF Investment (Source: Quiver Quantitative)
The investments would allow these banks to gain Bitcoin exposure without directly holding the asset.
Despite their sizable investments, both banks’ combined holdings remain far below Goldman Sachs‘ $1.56 billion allocation to the investment products.
The Wall Street powerhouse has built a diversified portfolio, investing in IBIT, FBTC, and multiple other Bitcoin ETFs.
The post Canadian and UK banks invest over $280 million in Bitcoin ETFs appeared first on CryptoSlate.
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