[BlackRock and Grayscale Bitcoin ETF receive investment from Bank of Iowa, what’s next? 】
Iowa-based City State Bank revealed its investments in Bitcoin (BTC), specifically through BlackRock and Grayscale’s BTC ETF, in a 13F filing dated July 8, 2024.
The bank bought 33 units of BlackRock iShares Bitcoin Trust (IBIT) in the second quarter, showing growing interest in the crypto market and reflecting the diversification trend of traditional financial institutions into digital assets. In addition to the BlackRock iShares Bitcoin Trust, City State Bank also holds Grayscale Bitcoin Trust (GBTC), acquiring 50 units in the first quarter of 2024 and retaining this investment, showing confidence in Bitcoin's long-term potential.
BlackRock's iShares Bitcoin Trust and Grayscale Bitcoin Trust are well-known BTC ETFs that allow investors to gain exposure to Bitcoin without directly holding the cryptocurrency. City State Bank’s adoption of these ETFs highlights Bitcoin’s growing acceptance as a legitimate asset class in mainstream finance.
Additionally, another institution, New Hampshire Bank (BNH), also revealed its investment in a Bitcoin ETF in an SEC filing on July 1, 2024. The bank invested $9,389 to purchase 275 units of BlackRock's IBIT ETF. Although the amount is small, the investment represents an important step into the crypto market.
BNH is a subsidiary of Toronto Dominion (TD), which also reported an investment in a Bitcoin ETF in its first-quarter filing, underscoring the strategic alignment within the TD group to embrace the potential of cryptocurrencies.
The investment in BlackRock's IBIT ETF is particularly notable because of the asset manager's reputation and influence in the traditional financial industry. These revelations signal the beginning of a second round of 13F filings for the Spot Bitcoin ETF, and the coming days may see further adoption of Bitcoin ETFs by other institutions and fund managers.