This top 10 US bank’s Bitcoin ETF holdings jump five-fold to $67m

PNC Bank, one of the top 10 US banks by assets, has ramped up its exposure to Bitcoin exchange-traded funds.

Its holdings have soared from $10 million to $67 million in just one year, according to recent filings made with the Securities and Exchange Commission.

Rather than holding Bitcoin directly, PNC has chosen to invest through ETFs, which track Bitcoin’s price without requiring direct custody of the cryptocurrency.

PNC’s Bitcoin ETF holdings primarily include the Bitwise Bitcoin ETF and the ProShares Bitcoin Strategy ETF.

Both positions have seen steady increases across the past five SEC filings.

If its position were converted into actual Bitcoin holdings, the bank would rank #26 among the largest corporate Bitcoin holders.

PNC’s position still pales in comparison to Wall Street heavyweight Goldman Sachs, which disclosed $710 million in Bitcoin ETF holdings in its latest SEC filing.

Goldman’s investments span across BlackRock’s iShares Bitcoin Trust, Fidelity’s Wise Origin Bitcoin Fund, and several others.

Even America’s oldest bank, BNY Mellon, has dipped its toes into Bitcoin investments.

According to its latest filing, the bank holds 39,526 shares of the ProShares Bitcoin Strategy ETF, valued at nearly $900,000.

In total, US spot Bitcoin ETFs have attracted nearly $41 billion in inflows since their approval in January 2024.

Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.