Which Big U.S. Banks Invested in $BTC Bitcoin ETFs in Q2 2024?Leave a Comment / Crypto News / By RIZ A

In the second quarter of 2024, several major US banks and traditional financial institutions deepened their entry into Bitcoin by purchasing spot Bitcoin exchange-traded funds (ETFs). This is a trend where large financial institutions are getting into the market for digital assets steadily.

Overview of Key Players in the Bitcoin ETF Market

Millennium Management: Coming first, this top hedge fund outplayed all others by investing $2 billion in Bitcoin ETFs proving their long-term perspective on cryptocurrencies.

Susquehanna International Group (SIG): Another giant made a significant move committing $1bn to Bitcoin ETFs marking it as a progressive firm in the quantitative trading market.

Morgan Stanley: Being a reputed institution in traditional banking, Morgan Stanley aimed for the bitcoin ETFs investment of $269 million. This move shows that big banks have shifted from the initial stance of non-acceptance and are now embracing digital currencies.

Other Significant Investors: Other players such as Bracebridge Capital and Boothbay Fund Management also invested significantly in Bitcoin ETFs; $434 million and $377 million, respectively.

Apart from these big movements, other financial bodies also made small movements investing in the Bitcoin ETF market. For instance, JPMorgan Chase invested $760 000 while Wells Fargo made an investment of $143 000. These sums although small relative to their total investments suggest a gradual increase in activity from institutional investors across the financial industry.

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The top ETFs fund with these institutional investors, include Those include Grayscale which has GBTC, BlackRock that has IBIT, Fidelity which has FBTC and Ark Invest that has ARKB. Specifically, BlackRock’s iShares Bitcoin Trust (IBIT) was named as particularly popular with large inflows representing 26% of BlackRock’s overall ETF inflows for the year.

But as the market for Bitcoin ETFs expands, other traditional financial organizations would eventually jump in, thus bringing Bitcoin, as well as other cryptocurrencies, into the world of accredited finance. These large U.S. banks and firms’ investments are evidence that the development of asset management no longer views digital currencies as gated investment options but rather as a diversified portfolio.

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