BNP Paribas has invested in BlackRock's Bitcoin Spot ETF

Thursday, May 2, 2024

While the investment remains very modest ($41,684), it shows the willingness of players in traditional finance to accelerate on crypto topics.

Bitcoin Spot ETFs have not only attracted US retail investors. According to a document published this Thursday by the US financial regulator, French bank BNP Paribas, which is the leading bank in the eurozone, has invested in the Bitcoin Spot ETF launched in January by BlackRock.

The "Market" arm of BNP Paribas bought 1,030 shares in the US giant's fund for a total of 41.684, which does not even represent one bitcoin; one bitcoin is currently worth just under $60,000.

According to our information, the operation was carried out on behalf of a bank client.

Beyond the amount of the investment and the fact that it was carried out on behalf of a client, it is the fact that BNP Paribas is participating in this type of operation that sends a signal. "Banks can't continue to remain spectators of what is happening," explains a player in the crypto industry.

These are precisely the same reasons that have prompted BNP Paribas to also move forward on the subject of tokenisation. For several years now, the rue d'Antin bank has had its own tokenisation platform called Asset Foundry. In particular, in 2022 the latter participated in the issue of the first 'green' bonds in partnership with EDF.

When questioned, BNP Paribas has not yet responded to our requests.

This analysis is not investment advice. It has been prepared without taking into account your personal situation, particularly your financial situation, risk profile, and investment objectives.

Before investing in any product, investors should fully understand the risks involved and consult their own legal, tax, financial, and accounting advisors.

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