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

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 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.