These major US banks bought Spot Bitcoin ETF in the second quarter of 2024

The second quarter of 2024 ended with major US banks offering institutional exposure to Bitcoin exchange-traded funds (ETFs).

Numerous second quarter 13F filings with the US Securities and Exchange Commission revealed that these Wall Street giants acquired substantial shares of various spot Bitcoin ETFs for their clients. In the coming months, these entities could acquire the ETFs and add them to their balance sheets.

US Banks Buy Bitcoin ETFs

First on the list is Goldman Sachs, the world’s second largest investment bank by revenue. The institution reported that local Bitcoin ETF holdings totaled a whopping $418 million. The bank disclosed that it owns shares in several funds, including BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Fund (FBTC), and Grayscale’s Bitcoin Trust (GBTC).

Goldman Sachs’ investments also extended to funds issued by Ark Invest/21Shares, Invesco/Galaxy, Bitwise and WisdomTree. His highest holdings are in IBIT, amounting to $238 million, followed by $79.5 million in FBTC.

Morgan Stanley is another Wall Street giant that reported local Bitcoin ETF holdings. While the company disclosed a $269 million investment in GBTC in the first quarter, its holdings were down to about $189.7 million by the end of June. GBTC shares fell to $148,000, while Ark Invest’s ARKB shares rose to $1.6 million.

Interestingly, Morgan Stanley’s $188 million investment in IBIT made it the fifth largest holder of the fund’s stock. The bank also urged its financial advisors to introduce Bitcoin ETFs to clients with a net worth of more than $1.5 million.

Overcoming Nakamoto properties

Other Wall Street giants such as Bank of America, HSBC and UBS reported smaller investments in spot Bitcoin ETFs. Bank of America has $5.3 billion in shares, mostly of IBIT and FBTC, HSBC acquired $3.6 billion in ARKB, and UBS reported roughly $300,000 in IBIT and other ETFs.

While Goldman Sachs, Bank of America, HSBC and UBS took their time to buy one-off Bitcoin ETFs for clients, some institutions like Wells Fargo and JP Morgan jumped on the bandwagon soon after the funds launched during the first quarter, however, with a minimum of investments.

As more banks, hedge funds and heavyweights invest in one-time Bitcoin ETFs, analysts believe the funds are collectively on track to surpass Bitcoin creator Satoshi Nakamoto’s holdings in October.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!