Europe’s Second-Largest Bank Buys BlackRock Bitcoin ETF Shares

Europe’s second-largest bank, BNP Paribas, has purchased BlackRock Spot Bitcoin ETF shares. Indeed, a 13F filing with the US Securities and Exchange Commission (SEC) shows the purchase of shares in the asset management firm’s iShares Bitcoin Trust (IBIT) in Q1 2024.

The filing was made on May 1st, 2024, and detailed BNP Paribas purchase of 1,030 IBIT shares. Moreover, that acquisition cost the multinational bank more than $40 per share, for a total cost of $42,684. However, that price is currency far below the price of a single Bitcoin, which is currently trading at more than $58,000.

Also Read: BlackRock Expects Spot Bitcoin ETF Trading By Sovereign Wealth

Europe’s BNP Paribas Buys BlackRock Spot Bitcoin ETF Shares

At the start of the year, the digital asset sector saw a landmark development with the approval of Spot Bitcoin ETFs in the United States. The inaugural approval saw a plethora of options enter the market. Yet, the most successful has proven to be BlackRock’s IBIT.

The $9 trillion asset management firm has led the way as far as the BTC investment offerings. Now, Europe’s second-largest bank is getting in on that success, as BNP Paribas has purchased BlackRock Spot Bitcoin ETF shares.

Also Read: Bitcoin: BlackRock BTC ETF Inflows Fall to Zero For The First Time

The acquisition was revealed in a new filing with the SEC that shows the transaction took place at the start of the month. Although the share price was less than one Bitcoin, it is still a notable development for the sector as a whole.

BNP Paribas is now the first verified instance of a financial institution of its scale purchasing such shares. Moreover, it continues to prove correct the prediction regarding the investment offerings impact. Specifically, in that it will drive further institutional interest in BTC through these Spot Bitcoin ETFs.