This top 10 US bank’s Bitcoin ETF holdings jump five-fold to $67m

PNC Bank, 1 of the apical 10 US banks by assets, has ramped up its vulnerability to Bitcoin exchange-traded funds.

Its holdings person soared from $10 cardinal to $67 cardinal successful conscionable 1 year, according to recent filings made with the Securities and Exchange Commission.

Rather than holding Bitcoin directly, PNC has chosen to put done ETFs, which way Bitcoin’s terms without requiring nonstop custody of the cryptocurrency.

PNC’s Bitcoin ETF holdings chiefly see the Bitwise Bitcoin ETF and the ProShares Bitcoin Strategy ETF.

Both positions person seen dependable increases crossed the past 5 SEC filings.

If its presumption were converted into existent Bitcoin holdings, the slope would fertile #26 among the largest corporate Bitcoin holders.

PNC’s presumption inactive pales successful examination to Wall Street heavyweight Goldman Sachs, which disclosed $710 cardinal successful Bitcoin ETF holdings successful its latest SEC filing.

Goldman’s investments span crossed BlackRock’s iShares Bitcoin Trust, Fidelity’s Wise Origin Bitcoin Fund, and respective others.

Even America’s oldest bank, BNY Mellon, has dipped its toes into Bitcoin investments.

According to its latest filing, the slope holds 39,526 shares of the ProShares Bitcoin Strategy ETF, valued astatine astir $900,000.

In total, US spot Bitcoin ETFs person attracted astir $41 billion successful inflows since their support successful January 2024.

Kyle Baird is DL News’ Weekend Editor. Got a tip? Email astatine [email protected].