At the end of the fourth quarter, the Bank of New York Mellon (BNY Mellon) announced with more than $ 13 million in Bitcoin exchange-exchange funds (ETFs), which marked a different sign of traditional financial institutions that increase their exposure to digital assets .
According to a newly submitted disclosure with the SEC, BNY Mellon 115.108 has Wisdomtree Bitcoin Fund (BTCW) shares, with a value of approximately $ 11.87 million and 25,309 shares of BlackRock’s Ishares Bitcoin Trust (IBIT), worth around $ 1, 4 million.
Wallstreet warms up to Bitcoin
The position of Bny Mellon in Bitcoin ETFs contributes to a growing trend at large Wall Street benches that carefully enter the digital assets space.
For example, JPMorgan Chase has almost $ 1 million in Bitcoin ETF shares, while at the end of the fourth quarter Goldman Sachs reported an exposure of more than $ 2 billion to Bitcoin and Ethereum ETF Holdings.
At the beginning of 2024 Bitcoin ETFs approved the SEC, so that institutional and retail investors can be exposed to Bitcoin without direct custody of the active. The move is generally considered a crucial moment for crypto acceptance in traditional finances.
Despite the increasing participation due to ETF investments, legal restrictions continue to prevent large banks from keeping or trading cryptocurrencies directly.
Goldman Sachs CEO David Solomon repeated in December that regulatory barriers limit banks of Direct Crypto -Ownership, which states that although the company offers advisory services on digital assets, it is limited to keep Bitcoin as director.
Legal attitude
Despite the current restrictions, supervisors are starting to shift their views under the new American administration. Federal Reserve -chairman Jerome Powell recently confirmed that the FED banks will not block to offer crypto services, provided they manage associated risks.
Speaking of the congress on 12 February, he noted that many nourished benches are already participating in crypto under established guidelines, but warned against excessive exposure. However, he did not discuss banks that invest Bitcoin and kept in their treasury.
Powell’s comments correspond to a wider shift to a pro-Crypto attitude in Washington. The congress recently staged the two-part legislation to establish clearer crypto regulations, while the SEC has about a face on its enforcement approach by pausing different lawsuits against large crypto companies.
Moreover, the treasury has a signaling of openness for the supervision of Stablecoin and legislators continue to insist on regulatory clarity to prevent innovation going offshore.
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