BlackRock, Fidelity and Bitwise Bitcoin ETF Receive $205 Million from New York RIA – Btc News

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Jul 16, 2023

BlackRock, Fidelity and Bitwise Bitcoin ETF Receive $205 Million from New York RIA

Pine Ridge Advisers, a New York-based registered investment advisor (RIA), has allocated a significant amount of $205 million to various Spot Bitcoin ETFs. These funds include funds managed by industry giants BlackRock, Fidelity and Bitwise. This activity contributes to increasing institutional adoption of Bitcoin ETFs.

New York RIA Invests in IBIT, FBTC and BITB

The above-mentioned allocation represents approximately 23% of Pine Ridge Advisers’ total assets under management (AUM). Additionally, Bloomberg’s senior ETF analyst Eric Balchunas also sheds light on this development. “Grandma is likely to have some sort of arb trade versus an RIA that puts 1/4 of her portfolio in BTC,” one post said.

The move underscores a growing trend among traditional financial institutions and RIAs to enter the burgeoning crypto market. Additionally, the decision to spread investment across various Bitcoin ETFs managed by different firms such as BlackRock, Fidelity, and Bitwise shows that Pine Ridge Advisers has a different approach.

According to the snapshot shared by Balchunas on X, the New York advisor allocated the largest stake to Fidelity Wise’s FBTC. FBTC Bitcoin ETF attracted $93.38 million worth of investments from Pine Ridge Advisers, accounting for approximately 11% of its portfolio.

BlackRock’s IBIT ETF, on the other hand, has a sizeable stake of $83.17 million. Bitwise’s BITB ETF has a share of $29.26 million in the New York RIA’s portfolio. Therefore, total BTC ETF investments amount to $205.81 million.

Also Read: Former BlackRock Executive Joins in Leading Speculation on Bitcoin ETF Movement

Canadian Banks Accept Bitcoin ETFs

Canadian banking giants Scotia Bank and Toronto Dominion Bank (TD Bank) have joined the US Spot Bitcoin ETF space with investments worth millions of dollars. Scotiabank disclosed over $1.5 million in three major BTC ETFs: BlackRock’s IBIT, Grayscale Bitcoin Trust (GBTC), and Fidelity Wise’s FBTC.

Scotiabank’s investments include $512,988 in Fidelity Wise’s ETF and $486,472 in GBTC, according to its latest 13F filing. It also allocated the largest share of BlackRock’s IBIT at $580,339. Therefore, Scotiabank’s total BTC-based ETF investments amount to $1.57 million.

Meanwhile, TD Bank, Canada’s second-largest bank, allocated about $121,410 to BlackRock’s IBIT ETF. Although modest, the move represents an important step for the traditionally conservative institution known for its cautious investment strategies. He also considered investing $484,500 in the ProShares Bitcoin Strategy ETF (BITO).

Also Read: Bitcoin ETF Sees Positive Path Signal Ahead of $100 Million flow

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