This is another sign that traditional financial institutions are increasing their investment in digital assets.
Source: cryptoslate
Translation: Blockchain Knight
BNY Mellon disclosed that at the end of the fourth quarter, it held over $13 million in BTC ETFs, marking another sign of traditional financial institutions ramping up their investment in digital assets.
According to the latest disclosure documents submitted to the U.S. Securities and Exchange Commission, BNY Mellon owns 115,108 shares of WisdomTree BTCW, valued at approximately $11.87 million, and 25,309 shares of BlackRock iShares IBIT, valued at about $1.4 million.
BNY Mellon's position in BTC ETFs further indicates that major Wall Street banks are cautiously entering the digital asset space.
For instance, JPMorgan holds nearly $1 million in BTC ETF shares. Goldman Sachs reported that as of the end of the fourth quarter, it held over $2 billion in BTC and ETH ETF shares.
The U.S. Securities and Exchange Commission approved the spot BTC ETF in early 2024, allowing institutional and retail investors to invest in BTC without directly holding the assets, a move widely seen as a key moment for traditional finance's adoption of crypto assets.
Despite the increasing participation in ETF investments, regulatory restrictions still prevent major banks from directly holding or trading crypto assets.
Goldman Sachs CEO David Solomon reiterated in December that regulatory barriers limit banks from directly holding crypto assets, stating that while the company offers digital asset advisory services, it cannot hold BTC as principal.
Despite the current restrictions, under the leadership of the new government in the U.S., regulators are beginning to shift their stance.
Federal Reserve Chairman Jerome Powell recently reiterated that as long as banks manage the associated risks, the Fed will not prevent banks from providing crypto services.
On February 12, during a speech in Congress, he noted that many banks regulated by the Fed have already ventured into the crypto asset space according to established guidelines. However, he did not discuss the possibility of banks investing in and holding BTC as part of their treasury, only warning against over-investment.
Powell's remarks align with the trend of Washington shifting its stance towards crypto assets.
Recently, the U.S. Congress has pushed for bipartisan legislation to establish clearer regulatory guidelines for crypto assets, while the SEC has paused several lawsuits against major crypto asset companies, changing its previously aggressive enforcement approach.
Additionally, the Treasury has expressed an open attitude towards stablecoin regulation, as lawmakers continue to pressure for clarity in regulation to prevent innovation from moving overseas.
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