Bank of New York Mellon's $13M Bitcoin Bet

The Bank of New York Mellon (BK) has emerged as a significant player in the cryptocurrency market, with a recent SEC filing revealing that the bank holds over $13 million worth of shares in Bitcoin (BTC) exchange-traded funds (ETFs).

The filing indicates that Bank of New York Mellon currently holds $13,280,431 worth of shares in Bitcoin ETFs, including 115,108 shares of WisdomTree Bitcoin Fund (BTCW) valued at approximately $11.87 million and 25,309 shares of BlackRock’s iShares Bitcoin Trust (IBIT) worth about $1.4 million. This investment demonstrates the bank's growing interest in the digital asset class and its potential for future growth.

Bank of New York Mellon is not the only major US bank to invest in BTC ETFs. JPMorgan Chase, another banking giant, holds nearly $1 million worth of BTC ETF shares. Meanwhile, Goldman Sachs has taken a more significant position, with $1.63 billion worth of Bitcoin ETF shares and $196.3 million worth of Ethereum (ETH) ETF shares.

BTC and ETH-based ETFs, which allow investors to gain exposure to the top two digital assets by market cap without physically owning them, were approved by the SEC in 2024. This approval has opened up new avenues for institutional investors to participate in the cryptocurrency market, leading to increased investment from major financial institutions.

In December 2024, Goldman Sachs CEO David Solomon expressed his views on the regulatory landscape for digital assets. He stated that regulations need to change before the bank considers holding and trading digital assets outright. Solomon noted that, as a regulated banking institution, Goldman Sachs is currently not allowed to own a cryptocurrency like Bitcoin as a principal. However, the bank continues to provide advice to clients around various technologies and issues in the cryptocurrency market.