European banking giant BNP Paribas joins Bitcoin ETF
BNP Paribas, the second largest bank in the European Union (EU), has joined the Bitcoin movement. The French banking giant bought $41,684 worth of BlackRock shares in the first quarter, according to recent filings, signaling to market analysts that this could be the start of something big.
According to the filing, BNP Paribas purchased 1,030 iShares Bitcoin Trust (IBIT) at an average price of $40.47 per share. While the investment is small compared to the nearly $600 billion the bank has in assets under management (AUM), the move marked a pivotal shift in Bitcoin's mainstream adoption.
Disclosure of this cash infusion into BlackRock's spot Bitcoin ETF was disclosed on Form 13F. This is an important regulatory disclosure required of companies that traded in the United States at a particular time.
