Bank of America Boosts Holdings in BlackRock and Fidelity's Bitcoin Spot ETFs
CryptoNewsTerminal Staff14 Aug, 2024
Bank of America Boosts Holdings in BlackRock and Fidelity's Bitcoin Spot ETFs
Bank of America (BofA) has increased its holdings in BlackRock's Bitcoin spot ETF (IBIT) and Fidelity's FBTC. According to the 13F Filing for the second quarter, BofA now holds $2.8 million worth of IBIT, a 31% increase from the previous quarter. It also increased its FBTC holdings by 21% to $1.5 million. This move by BofA suggests that institutional interest in Bitcoin spot ETFs remains strong. Banks and other financial institutions are recognizing the potential of these ETFs to provide exposure to the cryptocurrency market. The increase in BofA's holdings could also be seen as a sign of growing confidence in the regulatory environment for cryptocurrencies. The Securities and Exchange Commission (SEC) has recently approved several Bitcoin spot ETFs, providing greater clarity and legitimacy to this investment vehicle.
