BlackRock, Fidelity, Bitwise Bitcoin ETF Grab $205M From New York RIA
The U.S. Spot Bitcoin ETFs have seen a surge in institutional adoption and Pine Ridge Advisers, an RIA based in New York, has also allocated a sizable stake in these funds.
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.
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