Banco Santander, a Spanish banking group with over $16 billion in disclosed U.S. equity holdings, reported a stake in BlackRock's iShares Bitcoin Trust for the first time. The disclosure came in a 13F filing submitted to the U.S. Securities and Exchange Commission on Wednesday. The filing shows 129,615 shares — or units — of the spot bitcoin ETF.
The 13F filing
Quarterly 13F filings require institutional investment managers with at least $100 million in assets to list their U.S.-listed equity holdings. Santander's filing, dated July 29, marks the first time the bank has reported any bitcoin-related exposure. The iShares Bitcoin Trust (ticker: IBIT) is the largest spot bitcoin ETF by assets under management, launched by BlackRock in January 2024.
Santander's crypto history
The bank has been cautious on crypto. In 2022, it blocked some customers from sending money to crypto exchanges. But this filing suggests a shift — at least for its own investment portfolio. Santander's U.S. equity holdings, disclosed in the same filing, total over $16 billion, so the bitcoin ETF stake is a small allocation. Still, it's a notable first for a major European bank.
Institutional adoption signals
Santander joins a growing list of traditional financial firms that have disclosed bitcoin ETF stakes this year. Morgan Stanley, JPMorgan Chase, and Wells Fargo have all reported positions in various spot bitcoin ETFs. The trend points to mainstream acceptance of the asset class among large asset managers. The SEC's approval of spot bitcoin ETFs in January 2024 opened the door for regulated exposure.
The next round of 13F filings is due 45 days after the end of the third quarter — mid-November. That will show whether Santander added to its position or held steady. For now, the filing is a concrete sign that even cautious European banks are dipping a toe into bitcoin.
