PNC Boosts Bitcoin ETF Holdings to $67 Million

by A1

3 hours ago

PNC Financial Services Group, the eighth-largest bank in the US, has significantly increased its Bitcoin investments, as evidenced by its recent SEC filing.

PNC's Bitcoin Investment Disclosure

According to PNC's latest SEC filing, the bank has invested $67 million in Bitcoin via the Bitwise Bitcoin ETF (BITB), a substantial increase compared to the previous year.

PNC's increased investment in the Bitcoin ETF from $10 million to $67 million is a significant step.Julian Fahrer, former Sequoia Capital analyst

Growing Interest from Major Banks

PNC is not the only major bank investing in Bitcoin. Other major banks, including Wells Fargo, Morgan Stanley, and BNP Paribas, are also increasing their Bitcoin ETF investments.

BlackRock's Cryptocurrency Assets

According to Arkham Intelligence data, BlackRock manages around $60 billion in cryptocurrency assets, with $56 billion in Bitcoin.

There is a clear trend of increasing interest from major financial institutions towards cryptocurrencies, indicating their efforts to diversify assets and adopt new investment strategies.

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