PNC, the eighth-largest bank in the United States with $325 billion in assets under management (AUM), has disclosed its exposure to Bitcoin, according to its latest 13F filing with the U.S. Securities and Exchange Commission (SEC).
The bank reported that it has $67 million worth of Bitcoin-related investments, primarily through the Bitwise Bitcoin ETF (BITB).
The filing shows that PNC has significantly increased its exposure to Bitcoin ETFs in the past year. Former Sequoia Capital analyst Julian Fahrer noted that the bank’s exposure to the Bitcoin ETF has increased from $10 million to $67 million. PNC is not the only major financial institution making moves in the Bitcoin ETF market. Other major U.S. banks, including Wells Fargo, Morgan Stanley and BNP Paribas, are also increasing their exposure to Bitcoin-backed funds.
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However, when Arkham Intelligence data is examined, it is observed that the world's largest asset management institution, BlackRock, has approximately $60 billion in cryptocurrencies under management. $56 billion of these are Bitcoin, while $3.5 billion are recorded in Ethereum.
*This is not investment advice.
Continue Reading: New Bitcoin Move Comes From Giant US Bank Managing $325 Billion
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