Bank of America Dumps Ethereum and Solana for Bitcoin
TL;DR
Bank of America has increased its Bitcoin holdings while tripling its exposure to Ethereum and Solana, according to its latest SEC filing. The bank's total cryptocurrency ETF exposure now stands at approximately $53 million.
Key points
- Bank of America increased its Bitcoin holdings
- The bank tripled its exposure to Ethereum and Solana
- Total cryptocurrency ETF exposure is approximately $53 million
Mentioned in this story
Bank of America
America's second-largest financial institution has disclosed its most cryptocurrency bets.
According to its latest Q1 13F filing with the Securities and Exchange Commission (SEC), Bank of America (BofA) has reallocated its digital asset portfolio by increasing its stake in Bitcoin. At the same time, it has tripled its exposure to Ethereum and Solana.
This shows that leading smart-contract platforms are seemingly losing their luster.
The $53 million profile
Bank of America currently boasts roughly $53 million in total cryptocurrency ETF exposure.
The undisputed heavyweight of their new portfolio is BlackRock's iShares Bitcoin Trust (IBIT).
During the first quarter, the bank substantially boosted its IBIT position to a commanding $37 million.
BlackRock's Bitcoin fund now accounts for roughly 70% of BofA's entire crypto-related holdings.
Apart from BlackRock, the bank's remaining crypto capital is spread across a basket of competing spot Bitcoin products.
The filing shows that BofA has also maintained allocations in the Bitwise Bitcoin ETF (BITB), the Fidelity Wise Origin Bitcoin Fund (FBTC), and legacy Grayscale products.
Other banks with crypto holdings
Bank of America also holds approximately 3.96 million shares of the business intelligence firm MicroStrategy. This equity position is valued at roughly $660 million.
Bank of America is far from the only traditional finance heavyweight shifting its digital asset strategy. Morgan Stanley is one of the most aggressive and biggest adopters of digital assets. According to its Q1 filing, the financial behemoth holds a staggering $1.24 billion in spot ETF exposure.
Despite CEO Jamie Dimon’s status as the top Bitcoin critic, JPMorgan's trading desks have been quietly and aggressively buying the dip. Even as Bitcoin's price fell during Q1, the bank's SEC filings revealed a massive expansion of its crypto footprint.
Meanwhile, Goldman retained its massive $690 million stake in BlackRock’s IBIT and roughly $25 million in Fidelity's FBTC.
Q&A
Why did Bank of America increase its Bitcoin holdings?
Bank of America increased its Bitcoin holdings as part of a reallocation strategy in its digital asset portfolio.
What is Bank of America's total cryptocurrency ETF exposure?
Bank of America's total cryptocurrency ETF exposure is approximately $53 million.
How much has Bank of America increased its exposure to Ethereum and Solana?
Bank of America has tripled its exposure to both Ethereum and Solana.
