The Canadian banking giant, Bank of Montreal (BMO), unexpectedly burst into the world of cryptocurrencies, investing $150 million in spot Bitcoin ETFs.
This news became known from recent filings submitted to the U.S. Securities and Exchange Commission (SEC).
The majority of the investment—$139 million—went into the iShares Bitcoin ETF from BlackRock, while the remaining funds were distributed among the funds from Ark 21Shares, Grayscale, and Fidelity.
For BMO, the third-largest bank in Canada with assets exceeding $1 trillion, this move signifies a change in course.
As early as 2018, the bank prohibited clients from conducting cryptocurrency transactions using its cards, citing risks and instability.
Now he himself has become part of the crypto ecosystem, which indicates growing trust in Bitcoin among traditional financial players.
Experts see this as a sign that institutional investors are increasingly exploring digital assets through regulated instruments such as ETFs.
What does this mean for the market?
Investments of this scale could boost interest in Bitcoin and push its price upwards.
While the community discusses whether this will mark the beginning of a new wave of cryptocurrency adoption, BMO has already claimed its place in this game.