US Banks And Wall Street Giants Buy Bitcoin ETFs

Recent SEC filings under the Form 13F have disclosed that several major Wall Street firms and US banks have started purchasing Bitcoin ETFs. These revelations underscore a growing institutional interest in Bitcoin, which could have considerable implications for the cryptocurrency’s acceptance and valuation.

Julian Fahrer, the CEO of the Bitcoin-centric app Apollo Sats, highlighted the importance of these disclosures, stating on social media platform X, “BREAKING: 13F SEC Filings show US Banks are buying Bitcoin.”

US Banks And Wall Street Buy Bitcoin ETFs

Fahrer noted that these filings include purchases from a range of investment managers and family offices with assets under management from $200 million to $10 billion, signaling a broadening base of institutional acceptance. Particularly, he pointed out American National Bank’s investment in Ark’s ETF, describing it as “significant for breaking the seal on banks buying ETFs.”

The second biggest name in the list is Park Avenue Securities LLC with an AUM of $9.9B which bought 7,328 GBTC shares worth $ 457,780. In total, Wall Street firms with a combined $15 billion in AUM bought exposure to Bitcoin ETFs worth approximately $4 million in Q1. The detailed breakdown of these investments is as follows:

• LexAurum Advisors, LLC purchased 11,973 shares of BlackRock’s IBIT ETF, totaling $484,547.
• Founders Capital Management acquired 261 IBIT shares for $10,563.
• Signal Advisors Wealth invested in 20,571 IBIT shares worth $832,496.
• Park Avenue Securities LLC bought 7,328 shares of Grayscale’s GBTC, amounting to $457,780.
• Marshall & Sullivan Inc purchased 4,040 GBTC shares for $255,207.
• Johnson & White Wealth Management, LLC acquired 9,810 GBTC shares totaling $613,125.
• BCS Wealth Management bought 9,196 GBTC shares valued at $574,750.
• Inscription Capital LLC invested in 4,866 GBTC shares worth $299,016.
• Wedmont Private Capital bought 3,471 shares of Fidelity’s FBTC ETF for $209,336.
• Gunderson Capital Management invested in 7,671 shares of Bitwise’s BITB ETF for $296,944.
• American National Bank acquired 100 shares of Ark Invest’s ARKB for $7,098.

Matt Hougan, Chief Investment Officer at Bitwise, explained the significance of these disclosures via X, stating, “For everyone wondering ‘who is buying’ bitcoin ETFs, I’d circle May 15th on your calendar.” He elaborated that investors managing over $100 million are mandated to file 13-F forms with the SEC, providing a periodic transparency into their public equity holdings. Although these filings only offer a snapshot, Hougan suggested that “some of the names on those filings will surprise people (to the upside).”

MacroScope, a renowned crypto analyst, also weighed in, indicating that the most interesting names might only appear in May filings, as some funds delay their disclosures to maintain strategic secrecy as long as possible. “These filings start in April and run into May. (…) In my experience, the most interesting names could come in May, since some funds wait as long as possible in order to not show their hand before required to do by the deadline,” MacroScope noted.

This recent trend of significant and diverse institutions steadily increasing their stakes in Bitcoin through ETFs underscores a turning point in institutional sentiment. These investments reflect a solidifying trust in its long-term value as an asset class. The forthcoming filings for Q1, expected by May 15, are anticipated to provide further insight into this evolving trend, as Wall Street appears increasingly comfortable with integrating Bitcoin into its portfolio.

At press time, BTC traded at $70,706.

Featured image created with DALL·E, chart from TradingView.com