Bank of Montreal recently filed a filing with the SEC disclosing its exposure to spot Bitcoin ETFs. The bank's move comes as part of a larger trend of mainstream financial institutions starting to invest in Bitcoin ETFs.
Bank assets
The fourth largest bank in Canada, Bank of Montreal, is demonstrating its interest in Bitcoin by owning Bitcoin exchange-traded funds (ETFs) from four issuers: Fidelity (FBTC), Franklin Templeton (EZBC), BlackRock (IBIT) and Grayscale (GBTC). The bank's assets exceed $1 trillion, indicating that it is serious about cryptocurrency.
Increased Access to Bitcoin
The SEC's approval of Bitcoin exchange-traded funds (ETFs) in early January opened the door for mainstream institutions to invest in the asset. Wells Fargo and JPMorgan Chase also disclosed their interest in spot Bitcoin ETFs, sparking optimism in the investment community.
Return of the Cryptocurrency Market
After the low prices of 2022, the cryptocurrency market is looking to recover, especially after the approval of a Bitcoin ETF in January 2024. This has led to a rise in Bitcoin prices, as well as a sharp increase in the influx of spot Bitcoin ETFs, demonstrating the growing interest of institutional investors in this digital asset.