{"id":188765,"date":"2021-04-29T17:00:19","date_gmt":"2021-04-29T16:00:19","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=188765"},"modified":"2021-04-29T13:25:23","modified_gmt":"2021-04-29T12:25:23","slug":"us-bank-bny-mellon-bitcoin","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/us-bank-bny-mellon-bitcoin\/","title":{"rendered":"US bank BNY Mellon blames \u201cno exposure to Bitcoin\u201d for fund underperformance"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">US bank BNY Mellon says one of its technology-focused funds had underperformed the market because it wasn\u2019t exposed to companies investing in Bitcoin, a <\/span><a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/914775\/000091477521000025\/lp1-250.htm\"><span style=\"font-weight: 400;\">filing<\/span><\/a><span style=\"font-weight: 400;\"> from yesterday showed.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As of the second quarter of 2020, BNY Mellon is the world's largest custodian bank and asset servicing company, with over $2.0 trillion in assets under management and $38.6 trillion in assets under custody.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But the bank has missed out on the crypto bandwagon and is lamenting. &#8220;Fund performance was hurt as well by a decision not to own MicroStrategy, whose stock surged when it announced it had invested in Bitcoin,\u201d the filing read.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">In a filing today, BNY Mellon said the performance of one of its investment funds was hindered by lack of exposure to Bitcoin:<\/p>\n<p>&quot;Fund performance was hurt as well by a decision not to own MicroStrategy, whose stock surged when it announced it had invested in bitcoin.&quot;<\/p>\n<p>The&#8230;<\/p>\n<p>&mdash; MacroScope (@MacroScope17) <a href=\"https:\/\/twitter.com\/MacroScope17\/status\/1387453650562424836?ref_src=twsrc%5Etfw\">April 28, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">The stock of business analytics firm MicroStrategy\u2014the firm has picked up billions of dollars worth of Bitcoin in the past year\u2014has been increasingly lauded by pundits as a <\/span><i><span style=\"font-weight: 400;\">pseudo<\/span><\/i><span style=\"font-weight: 400;\">-Bitcoin exchange-traded fund (ETF) in the past year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">ETFs are regulated financial instruments that track the price of a given asset\/s and can be traded\/invested in a similar manner as individual stocks. Firms have long tried for a Bitcoin ETF in the US, but the government has continued to deny their listing, causing some traders to bet on MicroStrategy as a pseudo-Bitcoin ETF instead.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The price action is uncanny. MicroStrategy stock surged by over 40% in the days after announcing its first Bitcoin purchase in mid-2020. It's since posted nearly 10x gains\u2014reaching a high of $1,269 in February 2021\u2014and has been mirroring Bitcoin\u2019s price movements<\/span><\/p>\n<figure id=\"attachment_188766\" aria-describedby=\"caption-attachment-188766\" style=\"width: 1805px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-188766\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/04\/ZYyava5B.png\" alt=\"\" width=\"1805\" height=\"855\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/04\/ZYyava5B.png 1805w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/04\/ZYyava5B-300x142.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/04\/ZYyava5B-1024x485.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/04\/ZYyava5B-768x364.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/04\/ZYyava5B-1536x728.png 1536w\" sizes=\"(max-width: 1805px) 100vw, 1805px\" \/><figcaption id=\"caption-attachment-188766\" class=\"wp-caption-text\"><a href=\"https:\/\/in.tradingview.com\/symbols\/NASDAQ-MSTR\/\">MSTR:USD<\/a> via TradingView.<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Meanwhile, BNY Mellon further noted being underweight in the regional banking industry whose stocks provided superior returns to investors as the US government increased interest rates and the broader financial service sector gained investor confidence as the COVID-19 vaccine was rolled out.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It did, however, say a position in a gold mining company ending up hampering performance. \u201cAs for stock selection, a position in Alamos Gold, a gold mining company, hampered performance as shares were hurt by weak gold prices,\u201d the firm said.<\/span><\/p>\n<h2><b>Banks turning to crypto<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">BNY Mellon is one of the many US banks that have <\/span><a href=\"https:\/\/www.wsj.com\/articles\/bitcoin-to-come-to-america-s-oldest-bank-bny-mellon-11613044810\"><span style=\"font-weight: 400;\">turned a new leaf to Bitcoin<\/span><\/a><span style=\"font-weight: 400;\"> in the past few months. The bank\u2014in terms of being \u2018crypto friendly\u2019\u2014joined the likes of Goldman Sachs, Morgan Stanley, and JPMorgan in February after stating it would hold, transfer and issue Bitcoin and other cryptocurrencies on behalf of its asset-management clients.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The bank\u2019s chief executive of asset servicing Roman Regelman even said at the time that \u201cdigital assets were becoming part of the mainstream\u201d and that the bank would service client needs accordingly.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As such, BNY Mellon isn\u2019t entirely new to the crypto space. In 2019, the bank became one of the first US financial institutions to publish a <\/span><a href=\"https:\/\/www.bnymellon.com\/us\/en\/insights\/all-insights\/cryptocurrencies-the-new-market-structure.html\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\"> on the then-crashed market\u2014stating <\/span><i><span style=\"font-weight: 400;\">decentralized exchanges<\/span><\/i><span style=\"font-weight: 400;\"> were positioned as a unique market fit.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>US bank BNY Mellon says one of its technology-focused funds had underperformed the market because it wasn\u2019t exposed to companies investing in Bitcoin, a filing from yesterday showed. As of the second quarter of 2020, BNY Mellon is the world&#8217;s largest custodian bank and asset servicing company, with over $2.0 trillion in assets under management [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":188774,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35372],"tags":[60786],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US bank BNY Mellon blames \u201cno exposure to Bitcoin\u201d for fund underperformance<\/title>\n<meta name=\"description\" content=\"BNY Mellon says one of its technology-focused funds had underperformed the market because it wasn\u2019t exposed to Bitcoin.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/us-bank-bny-mellon-bitcoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US bank BNY Mellon blames \u201cno exposure to Bitcoin\u201d for fund underperformance\" \/>\n<meta property=\"og:description\" content=\"BNY Mellon says one of its technology-focused funds had underperformed the market because it wasn\u2019t exposed to Bitcoin.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/us-bank-bny-mellon-bitcoin\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-29T16:00:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-04-29T12:25:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/04\/bny-mellon.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/us-bank-bny-mellon-bitcoin\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/us-bank-bny-mellon-bitcoin\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#person\",\"name\":\"Shaurya Malwa\",\"url\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"caption\":\"Shaurya Malwa\"},\"jobTitle\":\"Analyst\",\"description\":\"Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. 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