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World’s largest custodian bank BNY Mellon holds spot Bitcoin ETFs

By:
on Apr 26, 2024
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  • BNY Mellon, the world's oldest custodian bank, has revealed exposure to spot Bitcoin ETFs.
  • A filing with the SEC shows the bank holds BlackRock's $IBIT and Grayscale's $GBTC.
  • The SEC approved spot Bitcoin ETFs in January and $IBIT is shuttering records amid huge demand.

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The global interest in spot Bitcoin ETFs continues to pull in the world’s largest institutional investors and firms.

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This time, it’s BNY Mellon, the world’s largest custodian bank, which has revealed its exposure to the spot Bitcoin ETFs market. Specifically, BNY Mellon’s filing with the US Securities and Exchange Commission (SEC) shows the bank holds Blackrock’s and Grayscale’s spot BTC ETFs.

BNY Mellon’s filing with the SEC did not specify the amount of exposure with regard to BlackRock’s IBIT and Grayscale’s GBTC. However, the move is nonetheless notable and likely a huge development that could spark further adoption across the finance and banking world.

Already, some of the world’s top financial institutions are keen on the sector. Banks such as Morgan Stanley are also reportedly warming up to the investment opportunity this may offer to clients.

Meanwhile, recent developments in Hong Kong suggest spot Bitcoin ETF demand could soon skyrocket.

BlackRock’s $IBIT spot Bitcoin ETF rules market

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BlackRock’s iShares Bitcoin Trust ($IBIT) saw its daily inflow streak end at 71 days this week. However, while $IBIT finally hit zero flows on the day, the flagship spot Bitcoin ETF continues to smash market records for fun.

In one instance, senior Bloomberg ETF analyst Eric Balchunas highlighted $IBIT’s record haul of assets after 71 days.

With over 274,000 Bitcoin (BTC) worth more than $17.6 billion in assets under management, $IBIT is closing in on GBTC’s $19.4 billion in net assets.

The newly launched ETF is also in a league of its own in terms of net assets after the first 72 days, according to data the analyst shared. Fidelity’s $FBTC is second behind $IBIT after the first 72 days.

Remarkably,  $IBIT ranks 2nd in terms of year-to-date flows out of 10,698  funds registered in the United States, including ETFs, mutual funds, and CEFs.

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