Leading financial institutions in Canada and the UK are notably increasing their investments in Bitcoin, pouring over $280 million into spot Bitcoin exchange-traded funds (ETFs).
The Bank of Montreal (BMO), a major Canadian bank, has dedicated $150 million to these ETFs.
A recent disclosure to the US Securities and Exchange Commission (SEC) highlights that BMO’s principal investment is in BlackRock’s IBIT, totalling $139 million.
Additionally, BMO has invested $11 million across various other ETFs, including Ark 21Shares Bitcoin ETF (ARKB), Fidelity Wise Origin Bitcoin Fund (FBTC), and Grayscale Bitcoin Trust (GBTC).
Across the ocean, the UK’s Barclays Bank is also making substantial strides into the cryptocurrency ETF market, revealing an investment of $131 million in BlackRock’s IBIT.
These investments provide the banks with the opportunity to acquire exposure to Bitcoin without the need to directly own the digital asset.
Despite these significant outlays, the total investments of BMO and Barclays are still considerably less than Goldman Sachs’ $1.56 billion stake in similar financial products.
The Wall Street giant has diversified its portfolio by investing in IBIT, FBTC, and various other Bitcoin ETFs, securing a robust position in the market.
