Bank of Montreal reveals $150M Bitcoin ETF investment
Bank of Montreal (BMO), the third-largest Canadian bank by assets, has disclosed a $150 million investment in Bitcoin (CRYPTO:BTC) ETFs, according to a Form 13F-HR filing with the U.S. Securities and Exchange Commission (SEC).
This revelation highlights growing institutional interest in the cryptocurrency market.
The filing, required for institutional investment managers controlling over $100 million in the U.S., unveils BMO's significant entry into the spot Bitcoin ETF market.
Spot Bitcoin ETFs provide investors exposure to Bitcoin's price movements without directly holding the digital asset.
BMO's investment is primarily allocated to BlackRock's iShares Bitcoin ETF, with approximately $139 million invested.
The bank also diversified its holdings by allocating $11 million across other Bitcoin ETFs.
These include Ark 21Shares Bitcoin ETF, Grayscale Bitcoin Trust, and Fidelity Wise Origin Bitcoin Fund.
In addition to spot Bitcoin ETFs, BMO has explored Bitcoin futures ETFs, with a $17,000 investment in the ProShares Bitcoin ETF.
Bitcoin futures ETFs track Bitcoin futures contracts rather than the spot price.
The spot Bitcoin ETF market features several prominent players.
BlackRock's IBIT leads with $57.03 billion in Assets Under Management (AUM), followed by Fidelity's FBTC at $20.57 billion, Grayscale's GBTC at $19.44 billion, Ark/21 Shares' ARKB at $4.94 billion, and Bitwise's BITB at $4.07 billion.
ProShares' BITO dominates the Bitcoin futures ETF market with an AUM of $2.76 billion.
BMO's strategic investment focuses on leading spot Bitcoin ETFs, demonstrating a calculated approach to gaining exposure to Bitcoin.
At the time of reporting, the Bitcoin (BTC) price was $96,771.00.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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