re: Official CryptoTalk Thread

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.