PNC Bank, the eighth-largest bank in America, disclosed in its 13F filing with the U.S. Securities and Exchange Commission (SEC) that it has invested $67 million in a Bitcoin ETF. With $325 billion in assets under management, the bank has been increasing its investment in Bitcoin ETFs over time. Other major U.S. banks like Wells Fargo, Morgan Stanley, and BNP Paribas have also made significant investments in Bitcoin ETFs. The rapid growth of Bitcoin ETFs has outpaced similar products like gold ETFs. BlackRock, the issuer of the iShares Trust (IBIT) ETF, has increased its investment from $92 million in November 2024 to $140 million currently. The competition for buying Bitcoin may intensify as demand from companies like Strategy, which has purchased 471,107 BTC, continues to rise.
