"BNB Paribas is also interested in buying IBIT shares, which other institutions when?"
BNB Paribas, Europe's second largest bank, has reportedly bought a number of shares in BlackRock's iShares Bitcoin Trust (IBIT), according to a 13F form filing with the Securities and Exchange Commission (SEC).
The filing which was made on May 1, 2024 saw BNB Paribas buy 1,030 IBIT shares worth $42,648 where the price was $40 per share which is still carrying Bitcoin (BTC) which is currently trading at over $59,000.
There is no denying that the crypto market at the beginning of the year has seen significant developments with the approval of the spot BTC ETF in the United States (US), but the most evident is BlackRock's IBIT.
BlackRock which is a $9 trillion asset management firm has led the BTC investment offering and now, BNB Paribas has finally achieved that success following its purchase of IBIT shares.
The acquisition was revealed in a new filing with the SEC that shows the transaction took place earlier this month, so here it can be seen as a significant development for the crypto market as a whole.
Pleased to be informed that BNP Paribas is now the first confirmed example of a financial institution buying such shares and it should also be noted that it will drive further institutions in BTC through spot BTC ETF.
On the opposite side, spot BTC ETFs in recent days have seen steady outflows after the Federal Reserve (Fed) decided to keep interest rates unchanged causing investors to stay away from risky assets such as stocks and cryptos.
