Pine Ridge Advisers Invests $205 Million In 3 Bitcoin ETFs

Fiverr
Pine Ridge Advisers Invests $205 Million in BlackRock, Fidelity Bitcoin ETFs
Changelly


New York-based Pine Ridge Advisers recently invested approximately $205 million in major U.S. Bitcoin spot ETFs, demonstrating the growth of institutional demand for cryptocurrency.

Pine Ridge Advisers investment is part of a broader movement where various entities, including banks, corporations, and local governments across the United States, are legally purchasing Bitcoin through these financial instruments. This trend reflects a growing acceptance and interest in BTC among traditional financial institutions.

Pine Ridge Advisers Invests $205 Million in 3 Bitcoin ETFs

The asset manager has allocated 23% of its $890 million capital to Bitcoin-related funds. This includes $93.38 million in the Fidelity Wise Origin Bitcoin Fund (FBTC), $83.17 million in BlackRock’s iShares Bitcoin Trust (IBIT), and $3.42 million in the Bitwise Bitcoin ETF (BITB). The remaining funds are invested in various other equities.

“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,” Bloomberg ETF analyst Eric Balchunas commented.

Read more: How To Trade a Bitcoin ETF: A Step-by-Step Approach

Tokenmetrics

Pine Ridge Adviser advises retail investors on managed account investments, starting at $50 million. The firm manages stocks across a range of industries, including financials, materials, communications, real estate, consumer discretionary, and others. 

On 13 and 14 May, more than $166 million flowed into US Bitcoin spot ETFs. Coinglass data shows that most ETF inflows went to Grayscale, BlackRock, Fidelity, Ark 21Shares, Bitwise, and VanEck. 

Bitcoin ETF Income. Source: Coinglass

The last day with the most outflows from Bitcoin spot ETFs was May 10, when $84.70 million exited. On May 15, the BTC price rose by almost 7% following the revelation of inflation data in the United States. 

Not only companies and billionaire entrepreneurs are buying BTC; even the state of Wisconsin, which invested $99 million in BlackRock’s iShares Bitcoin Trust (IBIT) through The State of Wisconsin Investment Board (SWIB), is doing so.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.



Source link

Coinmama

Be the first to comment

Leave a Reply

Your email address will not be published.


*