New York RIA Invests $205M in BlackRock- Fidelity- Bitwise Bitcoin ETF

Bitcoin ETF

Pine Ridge Advisers, a registered investment advisor (RIA) based in New York, has invested a significant $205 million across different Spot Bitcoin ETFs. These funds are managed by major industry players like BlackRock, Fidelity, and Bitwise.

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This move further contributes to the increasing institutional adoption of Bitcoin ETFs. The surge in institutional interest in U.S. Spot Bitcoin ETFs is evident, with Pine Ridge Advisers from New York also allocating a substantial stake in these funds.

Pine Ridge Advisers’ Significant Investment in Bitcoin ETFs

Pine Ridge Advisers, a New York-based registered investment advisor (RIA), has allocated a substantial portion of $205 million to various Spot Bitcoin ETFs. This allocation represents approximately 23% of Pine Ridge Advisers’ total assets under management (AUM).

Eric Balchunas, Senior ETF analyst at Bloomberg, highlighted this development in a post on X. He noted that Pine Ridge Advisers now owns $205 million of Bitcoin ETFs, including $IBIT, $FBTC, and $BITB, which accounts for 23% of their total AUM. Balchunas suggested that this move might be part of an arbitrage trade rather than an RIA putting a significant portion of a portfolio into Bitcoin.

This move underscores a growing trend among traditional financial institutions and RIAs to explore opportunities in the expanding crypto market. Pine Ridge Advisers’ decision to diversify its investment across different Bitcoin ETFs managed by firms like BlackRock, Fidelity, and Bitwise reflects a strategic approach.

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Investment Breakdown: According to Balchunas’ snapshot shared on X, Pine Ridge Advisers has allocated the largest stake, worth $93.38 million, to Fidelity Wise’s FBTC Bitcoin ETF, representing nearly 11% of its portfolio. BlackRock’s IBIT ETF holds a significant stake of $83.17 million, while Bitwise’s BITB ETF accounts for $29.26 million in the New York RIA’s portfolio. In total, Pine Ridge Advisers has invested a substantial $205.81 million in Bitcoin ETFs.

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Scotia Bank and TD Bank Enter U.S. Spot Bitcoin ETF Market

Entry of Canadian Banking Giants: Canadian banking giants, Scotia Bank and Toronto Dominion Bank (TD Bank), have entered the U.S. Spot Bitcoin ETF space with significant investments amounting to millions of dollars.

Scotiabank’s Investment Details: Scotiabank has disclosed investments exceeding $1.5 million across three major Bitcoin ETFs. These include BlackRock’s IBIT, Grayscale Bitcoin Trust (GBTC), and Fidelity Wise’s FBTC.

Breakdown of Investments: According to the latest 13F filing, Scotiabank’s investments in Bitcoin ETFs are detailed as follows: $512,988 in Fidelity Wise’s ETF, $486,472 in GBTC, and the largest share of $580,339 in BlackRock’s IBIT. Consequently, Scotiabank’s total investments in BTC-based ETFs amount to $1.57 million.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.


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