Pine Ridge Advisers, a registered investment advisor (RIA) with headquarters in New York, has invested $205 million in different Spot Bitcoin ETFs. These funds include the ones managed by industry giants BlackRock, Fidelity, and Bitwise. This event adds to the soaring institutional adoption of Bitcoin ETFs.
IBIT, FBTC, and BITB Investments Made by New York RIA
Approximately 23% of Pine Ridge Advisers’ total assets under management (AUM) are represented by the allocation above. Additionally, Bloomberg’s Senior ETF analyst Eric Balchunas provided insight into this development. “Another big holder just rolled in Pine Ridge Advisers,” the post on X reads. Pine Ridge Advisers owns $205 million worth of $IBIT, $FBTC, and $BITB, accounting for 23% of their total assets under management. Though more likely an arb trade than an RIA investing 1/4 of Granny’s portfolio in Bitcoin.
This action highlights an increasing tendency among RIAs and conventional financial institutions to enter the rapidly expanding cryptocurrency market. Furthermore, Pine Ridge Advisers’ decision to distribute the investment among several Bitcoin ETFs run by various companies, including Bitwise, Fidelity, and BlackRock, demonstrates a diversified strategy.
Balchunas posted a screenshot on X showing that the New York advisor had the most significant stake in Fidelity Wise’s FBTC. Pine Ridge Advisers has invested $93.38 million in the FBTC Bitcoin ETF, making up about 11% of the fund’s total assets.
Conversely, BlackRock’s IBIT ETF holds a substantial $83.17 million holding. In contrast, the New York RIA’s portfolio includes a $29.26 million stake in the Bitwise Bitcoin ETF. Hence, the total Bitcoin ETF investments amount to $205.81 million.
Banks in Canada Embrace Bitcoin ETFs
Massive Canadian financial institutions, such as Scotia Bank and Toronto Dominion Bank (TD Bank), have invested millions of dollars in entering the U.S. Spot Bitcoin ETF market. Scotiabank disclosed over $1.5 million among three significant Bitcoin ETFs: Fidelity Wise’s FBTC, Grayscale Bitcoin Trust (GBTC), and BlackRock’s IBIT.
The most recent 13F filing shows that $512,988 in Fidelity Wise’s ETF and $486,472 in GBTC are among Scotiabank’s holdings. Moreover, it has assigned the highest stake of $580,339 in BlackRock’s IBIT. As a result, Scotiabank has invested $1.57 million in total in BTC ETFs.
In the meantime, the second-biggest bank in Canada, TD Bank, invested about $121,410 in BlackRock’s IBIT ETF. Although modest, this move represents a significant step for the traditionally conservative institution known for its cautious investment strategies. Moreover, it took $484,500 and invested it in the Pro Shares Bitcoin Strategy ETF (BITO).
