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

2 mins
Updated by Daria Krasnova
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In Brief

  • Pine Ridge Advisers invests $205 million in major US Bitcoin ETFs.
  • The assets manager holds 23% of assets in Bitcoin ETFs like IBIT, FBTC.
  • This trend reflects a growing interest in BTC among institutional investors.
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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

Pine Ridge 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 ETFs Inflow
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.

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