Canadian and UK banks invest over $280 million in Bitcoin ETFs

Major financial institutions in Canada and the United Kingdom are expanding their exposure to BTC by investing over $280 million in spot Bitcoin exchange-traded funds (ETFs).

The Bank of Montreal (BMO), one of Canada’s largest banks, has allocated $150 million to spot Bitcoin ETFs.

According to a filing with the US Securities and Exchange Commission (SEC), BMO’s largest holding is BlackRock’s IBIT, accounting for $139 million of its total investment. The remaining $11 million is spread across Ark 21Shares Bitcoin ETF (ARKB), Fidelity Wise Origin Bitcoin Fund (FBTC), and Grayscale Bitcoin Trust (GBTC).

On the other side of the Atlantic, UK-based Barclays Bank has also entered the crypto ETF sector, revealing $131 million in holdings in BlackRock’s IBIT.

The investments would allow these banks to gain Bitcoin exposure without directly holding the asset.

Despite their sizable investments, both banks’ combined holdings remain far below Goldman Sachs‘  $1.56 billion allocation to the investment products.

The Wall Street powerhouse has built a diversified portfolio, investing in IBIT, FBTC, and multiple other Bitcoin ETFs.

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