Bank of Montreal has disclosed its exposure to spot Bitcoin ETFs in a recent Securities and Exchange Commission (SEC) filing. In a recent filing, the bank disclosed its spot ETF holdings with multiple issuers. This comes on the heels of Bitcoin ETF acquisitions by traditional finance firms. 

The Bank of Montreal which is Canada’s fourth largest bank has an ETF position in about four issuers including Fidelity (FBTC), Franklin Templeton (EZBC), BlackRock (IBIT), and Grayscale (GBTC). This move is significant for the crypto community because the bank controls over $1 trillion in assets. 

Bank of Montreal Joins The Bandwagon 

The SEC’s approval of Bitcoin ETFs on Jan 11 has led to traditional institutions increase their exposure to the asset as predicted. This is due to an ETF being a new window of investment in the underlying asset. Last week, Wells Fargo, the United States third largest bank revealed its exposure to spot Bitcoin ETFs in an SEC filing. 

Similarly, JP Morgan Chase revealed its ETF holdings as accumulation seemed to increase among traditional institutions. These revelations led to bullish momentum across community lines on social media spaces with many users projecting more inflows to the asset. 

At press time, the price of Bitcoin stands at $63,147, a 3% growth in the last 24 hours with an increase in daily trading volumes. Although still low compared to its all-time high, analysts at Standard Chartered tipped a price above $150,000 this year. 

Spot Bitcoin ETF Changed The Narrative 

Last year, the crypto market sought to rebound from low prices in 2022. The new upward trans trajectory was triggered by BlackRock’s ETF application which spurred other firms in the same line. 

In December, heightened institutional flows saw the price of the asset above $44,000, a figure which soared past $72,000 after the approval in January. Spot Bitcoin ETF inflows surged in Q1 2024 dominating market spaces with billions entering the scene. 

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The post Just-In: Bank of Montreal Reveals Spot Bitcoin ETF Holdings appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am