The largest wealth manager in the world is the Bank of New York Mellon. They just disclosed in an SEC filing that they have bought a small amount of two of the Bitcoin Spot ETFs in several purchases. If you thought BlackRock had the largest assets under management (AUM) with $10 trillion AUM, it is dwarfed by the Bank of New York Mellon with a whopping $49 trillion in AUM.

Per the Bitcoinist article:

"....The investment details, as per the SEC filing, include small but symbolic purchases. BNY Mellon’s engagement with Grayscale involved purchasing 3 shares of Grayscale’s Bitcoin Trust (GBTC) for $166 and another 7,105 shares for $448,823. In terms of BlackRock’s IShares Bitcoin Trust (IBIT), the bank made initial minimal purchases, acquiring one share for $50, followed by 17,123 shares costing $629,968 and 2,794 shares valued at $113,073....."

This is very significant for two reasons. It helps light a fire under all of the other wealth managers who don't want the possibility of being outshined by better performance by other wealth managers and have their clients moving to them. Plus if the Bank of New York Mellon alone reaches a 2.5% allocation of their AUM in the Spot ETFs, that's over a trillion dollars in new demand for Bitcoin.

This post was edited on 4/26/24 at 11:32 am

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Posted by Proximo

Member since Aug 2011

15576 posts

Posted on 4/26/24 at 2:07 pm to 98eagle

Is anyone following the meme coin space in here? Politifi in particular. The FBI came out yesterday declaring war on self custody, Biden has announced an insane tax proposal, including taxes on unrealized capital gains.

That brings us to: how do we fight back? It’s through the use of satirical comedy that is going to go so viral that nobody will see it coming until it’s too late.

Tooker is creating a media platform based on their token. Selling ads to sponsors just to appear in their videos on YouTube and twitter.

Boden MC: $400mm
Tooker mc: $54mm
AOC mc: $3mm

NFA - I’m heavily invested in AOC but encourage you guys to check this space out. Join the spaces on twitter with Dustin Stockton - he was in the green room right before the viral Piers Morgan interview with Alex Jones and got cancelled last minute. He’s had a hand in presidential campaigns, etc. Now, he’s leading the charge on bringing all the politifi tokens together to grow the ecosystem.