BNP Paribas, one of Europe's largest banks, has entered the Bitcoin market by buying BlackRock's iShares Bitcoin Trust (IBIT). With this approach, BNP joins a growing number of traditional financial organizations experimenting with Bitcoin.
The purchase, worth roughly $40,000, may appear insignificant in comparison to their huge asset management portfolio, but it is a strong push towards further Bitcoin usage.
Bitcoin ETFs in the U.S. have already reached a trading volume of $200B, indicating a surge in market acceptability. Institutional giants, including BNP, have moved Bitcoin closer to being a mainstream investment.
With 13F filing disclosures expected from large investors, we're looking at who is getting on the Bitcoin bandwagon. Previous reports revealed investments from a wide range of financial entities, a trend that is expected to speed up before the May 15 SEC filing deadline.
Top banks and asset managers are disclosing Bitcoin stakes, providing credence to the digital asset. Eyes are on the financial establishment to see how their involvement can attract new capital into Bitcoin's embrace – a possible driver for sector-wide growth.
