In a move that flew under the radar, Canada’s third-largest bank by assets—Bank of Montreal (BMO)—has acquired around $150 million worth of spot Bitcoin ETFs. The discovery was made when BMO filed its Form 13F-HR with the U.S. Securities and Exchange Commission (SEC) last Thursday. (For context, the SEC mandates that any institutional investment manager overseeing more than $100 million in assets within the U.S. must submit a 13F filing.)
BMO’s most significant investment—approximately $139 million—went into BlackRock’s iShares Bitcoin ETF. An additional $11 million was allocated to a trio of other Bitcoin-focused products: Ark 21Shares Bitcoin ETF, Fidelity Wise Origin Bitcoin Fund, and the Grayscale Bitcoin Trust. Alongside these spot ETF purchases, the bank also invested roughly $17,000 in the ProShares Bitcoin ETF, which takes a different approach by focusing on Bitcoin futures contracts.
This substantial move by one of Canada’s leading financial institutions underscores Bitcoin’s increasing appeal to major traditional banks. Keep following Chain Progress for more insights and updates on the evolving intersection of cryptocurrency and traditional finance.
