More Global Banks Reveal Bitcoin Holdings

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  • Two more global banks, UBS and the Bank of Montreal, have disclosed their holdings in Bitcoin ETFs, reinforcing a growing institutional adoption of Bitcoin
  • The banks’ move from skepticism to embracing Bitcoin through ETFs marks a significant shift in sentiment toward digital assets
  • This revelation follows similar announcements from Wells Fargo and JPMorgan

Two more global banks have revealed Bitcoin ETF holdings as the picture of the surge in Bitcoin adoption by institutions becomes ever clearer. UBS and the Bank of Montreal (BMO) have become the latest banks to take the plunge through Bitcoin exchange-traded funds (ETFs), marking yet further shifts in sentiment from skeptics towards digital assets. The news follows the recent announcement that Wells Fargo and JPMorgan had also invested in various Bitcoin ETF products.

UBS Buys Bitcoin ETF Three Years After “Speculation” Jibe

Swiss banking giant UBS revealed yesterday that it now owns 3,600 shares of BlackRock’s iShares Bitcoin Trust (IBIT) and was also listed as an authorized participant for IBIT, sharing the platform with notable firms such as Citadel and Goldman Sachs.

Its investment contrasts sharply with former UBS CEO Ralph Hamers’ 2021 dismissal of cryptocurrencies as mere “speculation,” suggesting that new and more forward-thinking leadership at the top of the bank.

UBS also recently allowed select customers to trade Bitcoin ETFs, although it maintains restrictions for accounts with lower risk tolerance and does not actively solicit Bitcoin ETF traders. Its move has nevertheless opened the doors for affluent clients to access cryptocurrency ETFs based in Hong Kong.

Bank of Montreal Spreads Its Investments

The Bank of Montreal revealed its own Bitcoin holdings through a recent 13F filing with the US Securities and Exchange Commission in which it reported purchases of several Bitcoin ETFs, including those offered by Fidelity, Franklin Templeton, IBIT, and Grayscale.

Recognized as one of Canada’s largest financial institutions and a member of the Big Five, BMO’s move into Bitcoin ETFs aligns it with other major banks like Wells Fargo and JPMorgan, which also recently announced Bitcoin ETF holdings, indicating a broader trend of traditional financial entities integrating Bitcoin into their investment offerings.

As Bitcoin ETFs become more prevalent in the financial sector, the trend of banks incorporating Bitcoin into their portfolios is expected to grow, further mainstreaming cryptocurrency investments and acting as a poke in the eye to those who claim that Bitcoin is a Ponzi scheme that only fools would invest in.