Bitcoin has started to blow in Canada, which is known for its strict regulations and approach towards cryptocurrencies.
At this point, while Canadian banking giants entered the US spot Bitcoin ETF arena with investments of millions of dollars, two of the country's largest banks, Scotia Bank and Toronto Dominion Bank (TD Bank), announced that they invested in spot BTC ETFs.
Banking giants disclosed exposure to US spot Bitcoin ETFs in recent SEC filings.
Scotiabank announced that they have invested more than $1.5 million in three major Bitcoin ETFs: BlackRock-IBIT, Grayscale Bitcoin Trust (GBTC) and Fidelity-FBTC.
TD Bank, Canada's second largest bank, also announced that it invested $2.18 million in BlackRock-IBIT and ProShares Bitcoin Strategy ETF (BITO).
Although the investment by Canadian banking giants is relatively small compared to other investments, it represents an important step for Canadian banks.
At this point, analysts said these ETF investments point to increased institutional confidence in Bitcoin in the country, despite its historical volatility and regulatory scrutiny in Canada.
*This is not investment advice.