The move, disclosed in a recent Form 13F-HR filing with the US Securities and Exchange Commission (SEC), marks a stark contrast to the bank’s previous anti-crypto stance.
The filing shows that BMO has allocated US$139 million to BlackRock’s iShares Bitcoin ETF, with the remaining US$11 million distributed among the Ark 21Shares Bitcoin ETF, Fidelity Wise Origin Bitcoin Fund, and Grayscale Bitcoin Trust.
The bank also invested US$17,000 in the ProShares Bitcoin ETF, which focuses on Bitcoin futures contracts.
In 2018, BMO banned its clients from using credit and debit cards for cryptocurrency transactions, citing concerns over volatility and security. An internal document at the time stated that the bank would block crypto-related merchant transactions, leaving customers with a message that the “transaction cannot be completed.”
Despite this restrictive policy, BMO later began providing banking services to a cryptocurrency brokerage launched by TMX Group, the operator of the Toronto Stock Exchange.
This shift reflects the growing institutional acceptance of Bitcoin ETFs as a legitimate asset class. That BMO has come around on crypto investments shows the evolving role of cryptocurrencies in traditional finance, signaling broader adoption and integration into mainstream investment strategies.
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