The Bank of New York Mellon, the oldest bank in the United States and the largest custodian in the world, regrets not playing on bitcoin (BTC) earlier.

The US investment bank reports that one of its exchange-traded funds (ETFs), or listed funds, underperformed. That’s due to a lack of exposure to companies investing in bitcoin, the bank reports in a document filed with the SEC.

This fund, the BNY Mellon Opportunistic Small Cap Fund (DSCVX), achieved a return of 35% between September 1, 2020 and February 28, 2021. That’s below 41% of the Russel 2000 Index, on which the fund is based. The Russell 2000 is by far the most widely used measure of small capitalization investment funds in the US, while the S&P 500 index is primarily used for large capitalization stocks.

BNY Mellon regrets not investing in MicroStrategy (MSTR). MicroStrategy purchased more than 90,000 bitcoins during this time, which are now worth about $ 5 billion. MSTR shares rallied from $ 120 over this period to a peak of $ 1,270 in February, an increase of nearly 1,000%. At the time of writing, the MSRT price stands at $ 655.

“The fund’s performance was also affected by a decision not to own MicroStrategy, whose stock surged when it announced it had invested in Bitcoin.”

Says BNY Mellon, adding that the “weak gold price” hampered the fund’s performance due to an investment in gold mining company Alamos Gold. BNY Mellon has $ 2 trillion in assets under management and as much as $ 40 trillion in assets under custody. The bank announced in February that it will set up cryptocurrency services.

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