New Bitcoin Move from the Giant US Bank Managing 325 Billion Dollars!

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According to its latest 13F filing with the U.S. Securities and Exchange Commission (SEC), PNC, the eighth largest bank in the U.S. with $325 billion in assets under management (AUM), disclosed its exposure to Bitcoin.

The bank reported that it has an investment of 67 million dollars in Bitcoin, primarily through Bitwise Bitcoin ETF (BITB).

Filing shows that PNC significantly increased its stake in Bitcoin ETFs last year. Julian Fahrer, a former Sequoia Capital analyst, revealed that the bank's exposure to Bitcoin ETFs rose from $10 million to $67 million. PNC is not the only major financial institution making moves in the Bitcoin ETF market. Other leading US banks, including Wells Fargo, Morgan Stanley, and BNP Paribas, are also increasing their interest in Bitcoin-backed funds.

However, when Arkham Intelligence data is examined, it is observed that the world's largest asset management firm, BlackRock, has approximately $60 billion of cryptocurrency under management. Of these, $56 billion consists of Bitcoin, while $3.5 billion is recorded in Ethereum.

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