By acquiring shares of BlackRock’s Spot Bitcoin ETF, BNP Paribas, the second-biggest bank in Europe, made a significant move in the digital asset space. BNP Paribas purchased 1,030 IBIT shares of BlackRock in the first quarter of 2024, per a recent filing with the U.S. Securities and Exchange Commission (SEC).
An important milestone for the digital asset market this year was BlackRock’s endorsement of Spot Bitcoin ETFs in the US. One of the most well-received launches was BlackRock’s IBIT, which was offered to the market alongside alternative options.
Additionally, the international bank paid more than $40 for each share, for a total acquisition cost of $42,684. This sum is far less than the cost of a single Bitcoin, which is now selling for more than $58,000.
As the first significant investor in the BlackRock Bitcoin ETF, BNP Paribas has caused other large corporations to start taking digital assets seriously. This development shows how traditional finance is beginning to embrace bitcoin investments.
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