According to Odaily, Pine Ridge Advisers, an investment advisory firm, holds $205 million in BlackRock IBIT, Fidelity FBTC, and Bitwise BITB. This was disclosed by Eric Balchunas, a senior ETF analyst, on platform X. The holdings represent 23% of the total assets managed by Pine Ridge Advisers.
Balchunas did not provide further details about the distribution of the holdings among the three assets. However, the substantial investment in these three assets indicates the firm's confidence in their potential. BlackRock IBIT, Fidelity FBTC, and Bitwise BITB are all well-known in the investment community, and their performance could significantly impact the overall portfolio of Pine Ridge Advisers.
This news comes at a time when more and more investment advisory firms are showing interest in digital assets. The move by Pine Ridge Advisers could be seen as a strategic decision to diversify their portfolio and tap into the potential of these assets. However, it's important to note that investing in such assets also comes with its own set of risks and challenges.
