Bank of Montreal Enters Bitcoin ETF Market Amid Institutional Adoption Surge
Bank of Montreal recently revealed its investments in spot Bitcoin ETFs through a filing with the SEC, joining a trend of traditional financial institutions entering the Bitcoin ETF market.
The disclosure showed holdings in ETFs issued by various entities, including Fidelity, Franklin Templeton, BlackRock, and Grayscale. This move is notable given Bank of Montreal’s status as Canada’s fourth-largest bank and its substantial assets exceeding $1 trillion.
The surge in traditional institutions’ interest in Bitcoin ETFs follows the SEC’s approval of such ETFs on January 11. Wells Fargo, the third-largest bank in the United States, also disclosed its exposure to spot Bitcoin ETFs in a recent SEC filing, indicating a broader adoption trend among financial institutions.
Similar disclosures from JP Morgan Chase suggest a growing accumulation of ETF holdings in traditional banking circles.
These developments have fueled positive sentiment across social media platforms, with expectations of increased inflows into the cryptocurrency market.
READ MORE: Jack Dorsey Predicts Bitcoin to Reach $1 Million by 2030
At the time of writing, Bitcoin is trading at $63,147, experiencing a 3% increase in the last 24 hours, accompanied by rising trading volumes. While still below its all-time high, analysts at Standard Chartered project a price target of over $150,000 by the end of the year.
The emergence of spot Bitcoin ETFs has reshaped the cryptocurrency landscape, particularly following a period of recovery from the market’s downturn in 2022. BlackRock’s ETF application acted as a catalyst, spurring interest from other firms and resulting in heightened institutional flows.
This momentum propelled Bitcoin’s price from $44,000 to over $72,000 following the ETF approval in January. In Q1 2024, spot Bitcoin ETF inflows dominated market activity, with billions entering the scene.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
