BlackRock, Fidelity, Bitwise Bitcoin ETF Grab $205M From New York RIA
Highlights
- Bitcoin ETFs by BlackRock, Fidelity, and Bitwise witnessed a substantial allocation from a New York-based RIA.
- Pine Ridge Advisers invested over $205 million in IBIT, BITB, and FBTC.
- Two Canadian banks also joined the fray and allocated significant funds in Spot Bitcoin ETFs.
Pine Ridge Advisers, a New York-based registered investment advisor (RIA), has allocated a substantial $205 million across various 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.
New York RIA Invests In IBIT, FBTC, BITB
The above-mentioned allocation represents approximately 23% of Pine Ridge Advisers’ total assets under management (AUM). Moreover, Eric Balchunas, Senior ETF analyst at Bloomberg, shed light on this development. In a post on X, he stated, “Another big holder just rolled in Pine Ridge Advisers, which owns $205m of $IBIT $FBTC and $BITB which accounts for 23% of their total aum. Likely some kind of arb trade tho vs say an RIA putting 1/4 of grandma’s portfolio in btc.”
This move underscores a growing trend among traditional financial institutions and RIAs to venture into the burgeoning crypto market. In addition, the decision to spread the investment across various Bitcoin ETFs managed by different firms such as BlackRock, Fidelity, and Bitwise indicates a diversified approach by Pine Ridge Advisers.
According to the snapshot shared by Balchunas on X, the New York advisor has allocated the biggest stake in Fidelity Wise’s FBTC. The FBTC Bitcoin ETF has attracted $93.38 million worth investments from Pine Ridge Advisers, which accounts for nearly 11% of its portfolio.
On the other hand, BlackRock’s IBIT ETF accounts for a sizeable stake of $83.17 million. Whilst, Bitwise’s BITB ETF boasts a share of $29.26 million in the New York RIA’s portfolio. Hence, the total BTC ETF investments amount to a whopping $205.81 million.
Also Read: Ex-BlackRock Exec Joins Vanguard Sparking Speculations Over Bitcoin ETF Move
Canadian Banks Adopt Bitcoin ETFs
Canadian banking behemoths, Scotia Bank and Toronto Dominion Bank (TD Bank), have joined the U.S. Spot Bitcoin ETF space with investments totaling millions. Scotiabank disclosed over $1.5 million across three major BTC ETFs: BlackRock’s IBIT, Grayscale Bitcoin Trust (GBTC), and Fidelity Wise’s FBTC.
According to the latest 13F filing, Scotiabank’s investments include $512,988 in Fidelity Wise’s ETF, $486,472 in GBTC. Moreover, it has allocated the largest share of $580,339 in BlackRock’s IBIT. Hence, Scotiabank’s total BTC-based ETF investments amount to $1.57 million.
Meanwhile, TD Bank, second-largest bank in Canada, allocated around $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. Furthermore, it also considered investing $484,500 in the ProShares Bitcoin Strategy ETF (BITO).
Also Read: Bitcoin ETF Sees $100M Influx Signaling Positive Road Ahead
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