Wall Street Goes Crypto! BNY Mellon Invests in Bitcoin ETFs

In a landmark move, BNY Mellon, the oldest bank in America, embraced cryptocurrencies in 2022, responding to the growing institutional demand for a unified platform to manage both traditional and digital assets. Fast forward to April 25, 2024, and another significant development unfolds.

Investors in BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. (NYSE: DCF) are set to receive a monthly payout of $0.035 per share of common stock. This distribution, scheduled for May 23, 2024, rewards shareholders who own shares by May 9, 2024. While the fund aims to share most profits monthly, the exact amount may vary based on investment performance and market conditions.

Investments in Bitcoin ETFs Revealed

In a move that reverberated through the financial world, BNY Mellon disclosed its investment in Bitcoin (BTC) ETFs to the US Securities and Exchange Commission (SEC). This disclosure sheds light on the bank’s involvement in BTC ETFs managed by major players like BlackRock and Grayscale. It marks a significant shift in traditional finance toward accepting cryptocurrencies as a legitimate investment avenue, particularly among institutional investors.

Also read: When to Expect Bitcoin’s Bull Market Highs: A Post-Halving Analysis

Market Feels the Heat!

The approval of spot Bitcoin ETFs by the US SEC earlier this year injected fresh energy into the market, propelling BTC to a peak of $73,737 in March. Furthermore, the impending launch of spot Bitcoin and Ethereum ETFs in Hong Kong on April 30, 2024, underscores global acceptance.

Read more: Hong Kong SFC Approves Spot Bitcoin & Ethereum ETFs

Analysts predict Bitcoin could surge to $85,195 by May 23, 2024, while speculation surrounds the potential approval of a spot Ethereum ETF in the US. Such developments could trigger significant market rallies, particularly benefiting Ethereum, currently trading below its peak value.