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US Development Bank's Bitcoin Confession: Invested by Following Its Competitors - Koin Bulletin
PNC, the 8th largest bank in the United States, has disclosed its exposure to Bitcoin ETFs. The bank announced in its 13F report filed with the Securities and Exchange Commission that it has a $67 million investment in Bitcoin ETFs.
The assets under PNC's management amount to (AUM) 325 billion dollars. The bank made its Bitcoin investment through the Bitwise Bitcoin ETF (BITB).
Former Sequoia Capital analyst Julian Fahrer notes that PNC has significantly increased its investment in Bitcoin ETFs in the past year. The bank has raised its Bitcoin ETF investment from just 10 million dollars last year to 67 million dollars.
Apart from PNC, major banks such as Wells Fargo, Morgan Stanley, and BNP Paribas are increasingly investing in Bitcoin ETFs. Previous reports have shown that these banks are gaining more and more ground in the Bitcoin ETF market.
However, BlackRock, one of the world's largest asset management companies, is also increasing its Bitcoin ETF investments. BlackRock has increased its stake in the iShares ETF Trust (IBIT) fund from $92 million in November 2024 to $140 million as of today.
According to analysts, major financial institutions are strategically increasing their Bitcoin ETF investments. The successful completion of the first year of the Bitcoin ETF market shows that these products have now become a mature market tool for institutional investors.