BNY Mellon, America’s oldest bank, started supporting cryptocurrencies like Bitcoin and Ethereum via its custody services in 2022. It met the rising institutional demand for a financial setup that handles both traditional and digital assets. On April 25, 2024, BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund, Inc. (NYSE: DCF) said it will give out $0.035 per share of common stock as a monthly payout. 

This payment is meant for investors who own the shares by May 9, 2024, and it’ll be sent on May 23, 2024. The fund plans to share most of its profits with shareholders every month. However, this could vary depending on how well its investments are doing and what the market is like. Following this declaration of monthly distribution, BNY Mellon made another major disclosure.

America’s Oldest Bank BNY Mellon’s Bitcoin ETF Exposure

BNY Mellon recently revealed its investment in Bitcoin (BTC) ETFs through a disclosure to the US Securities and Exchange Commission (SEC). The revelation describes the bank’s stake in BTC ETFs managed by major investment companies like BlackRock and Grayscale. This move hints at a notable shift in the traditional finance sector towards welcoming cryptocurrency as a viable investment avenue, specifically among institutional investors.

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

Global Impact of Bitcoin ETFs

The approval of spot Bitcoin ETFs by the US SEC earlier this year has heated up the market, with BTC soaring to a new peak of $73,737 in March. Additionally, Hong Kong’s approval for spot Bitcoin and Ethereum ETFs, that was scheduled to begin trading on April 30, 2024, signals a wider acceptance of cryptocurrencies worldwide. 

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

Analysts forecast Bitcoin to reach $85,195 by May 23, 2024, suggesting a possible surge in value. Moreover, there’s an anticipation for a potential approval of a spot Ethereum ETF in the US. This could trigger another significant rally in the crypto market, especially for Ethereum, currently trading below its peak value.

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