PNC Bank, the eighth-largest bank in the United States, has reported a significant increase in its investments related to Bitcoin, according to its latest filing with the Securities and Exchange Commission.
The bank now holds $67 million in Bitcoin-backed assets, primarily through the Bitwise Bitcoin ETF, which is a substantial increase from the $10 million it reported in the previous year. This development highlights the increasing institutional adoption of Bitcoin ETFs within the U.S. banking sector.
PNC is not the only institution following this trend. Other major financial institutions, including Wells Fargo, Morgan Stanley, and BNP Paribas, have also increased their exposure to Bitcoin investment products. Their participation indicates a broader shift among traditional banks as they explore digital asset opportunities despite ongoing regulatory scrutiny.
In the meantime, data from Arkham Intelligence reveals that BlackRock, the world’s largest asset manager, has an even larger stake in the crypto market. The firm reportedly manages approximately $60 billion in digital assets, with $56 billion allocated to Bitcoin and $3.5 billion to Ethereum.
As institutional adoption continues to grow, Bitcoin’s role in the financial landscape seems to be solidifying, with major banks and asset managers deepening their involvement in the cryptocurrency market.