City State Bank, an Iowa-based bank that offers investment management services, has revealed its exposure to Bitcoin (BTC) through exchange-traded funds (ETFs) in its recent 13F filing dated July 8, 2024. Moreover, BlackRock and Grayscale’s Bitcoin ETFs took the center stage with investements from the bank.
Blackrock & Grayscale Bitcoin ETFs Witness Further Institutional Adoption
In the latest 13F filing, the bank reported the purchase of 33 units of the BlackRock iShares Bitcoin Trust (IBIT) during the second quarter. This move marks City State Bank’s growing interest in the crypto market. Furthermore, it reflects a broader trend among traditional financial institutions diversifying into digital assets.
In addition to its new position in the BlackRock iShares Bitcoin Trust, City State Bank has maintained its holdings in the Grayscale Bitcoin Trust (GBTC). The bank had acquired 50 units of GBTC in the first quarter of 2024 and has opted to retain this investment. This signals a sustained confidence in the long-term potential of Bitcoin.
The BlackRock iShares Bitcoin Trust (IBIT) and the Grayscale Bitcoin Trust (GBTC) are among the most prominent Bitcoin ETFs. They provide investors with exposure to Bitcoin without the complexities of direct crypto ownership. The adoption of these ETFs by traditional institutions like City State Bank highlights the increasing acceptance of Bitcoin as a legitimate asset class within mainstream finance.
City State Bank’s strategic investments come at a time when Bitcoin and other cryptocurrencies are experiencing heightened volatility. Moreover, last week, another significant entity had revealed exposure to Bitcoin ETFs. Bank of New Hampshire (BNH) revealed its Bitcoin ETF exposure in a recent SEC filing dated July 1, 2024.
About Bank of New Hampshire’s Investment
The bank has invested $9,389 in BlackRock’s IBIT Bitcoin ETF, acquiring 275 units, according to the 13F filing. Moreover, this move signifies BNH’s foray into the crypto market. Though the amount isn’t very significant, this investment acts as a stepping stone towards embracing the crypto space.
Furthermore, it’s important to note that BNH is a subsidiary of Toronto Dominion (TD), a major financial player that also reported Bitcoin ETF exposure in its Q1 filings. This affiliation underscores a broader strategic alignment within the TD group towards embracing the potential of cryptocurrencies.
The investment in BlackRock’s IBIT ETF is particularly notable, given the asset manager’s reputation and influence in the traditional financial industry. In addition, the timing of the above-mentioned disclosures suggests the commencement of Round 2 of the 13F filings for Spot Bitcoin ETFs has begun. Hence, the coming days could see further Bitcoin ETF adoption by other institutions and fund managers.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
