BNY Mellon invests in Bitcoin ETFs as institutional interest grows
BNY Mellon, the world’s largest custodian bank and the oldest in the U.S., has recently disclosed its investment in Bitcoin ETFs.
According to an SEC filing, the bank is exposed to BTC ETFs offered by BlackRock and Grayscale, underscoring the growing institutional interest in cryptocurrencies.
The U.S. SEC’s approval of 11 spot Bitcoin ETFs earlier this year marked a significant milestone for American crypto investors. This decision came after prolonged investor demand for such financial instruments.
ETF anticipation and subsequent approval triggered a surge in the crypto market, propelling BTC to a new all-time high of $73,737 in March. The demand for Bitcoin (BTC) ETF exposure reflects a broader trend of institutional investors warming up to the emerging asset class.
Hong Kong’s financial authorities have approved spot Bitcoin and Ethereum ETFs, which are scheduled to commence trading on April 30. The approval signals the global acceptance and integration of cryptocurrencies into traditional financial markets.
CoinCodex predicts that Bitcoin will reach a new peak of $84,412 on May 25, possibly fueled by the launch of Hong Kong’s BTC ETF. Should the U.S. follow suit and approve a spot Ethereum ETF, it could ignite another significant rally in the crypto market, particularly for Ethereum.
Currently trading at a considerable discount from its November 2021 all-time high, Ethereum (ETH) stands to benefit from further institutional adoption.
