PNC Bank, the eighth-largest bank in the United States, has reported a significant increase in its investments related to Bitcoin, according to its latest filing with the Securities and Exchange Commission.
The bank now holds $67 million in Bitcoin-backed assets, primarily through the Bitwise Bitcoin ETF, which is a substantial increase from the $10 million it had reported in the previous year. This development highlights the increasing adoption of Bitcoin ETFs by institutional investors in the US banking sector.
PNC is not alone in this trend. Other major financial institutions, such as Wells Fargo, Morgan Stanley, and BNP Paribas, have also increased their exposure to Bitcoin investment products. Their involvement indicates a broader shift among traditional banks as they explore opportunities in digital assets, despite ongoing regulatory scrutiny.
In the meantime, data from Arkham Intelligence shows that BlackRock, the world’s largest asset manager, has an even larger stake in the cryptocurrency market. The firm reportedly manages approximately $60 billion in digital assets, with $56 billion allocated to Bitcoin and $3.5 billion to Ethereum.
As institutional adoption continues to grow, Bitcoin’s role in the financial landscape seems to be solidifying, with major banks and asset managers deepening their involvement in the cryptocurrency market.