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The investment represents a significant portion of the firm’s total assets under management.
Pine Ridge Advisers, a New York-based registered investment advisor, has disclosed substantial holdings in three US spot Bitcoin exchange-traded funds (ETFs), managed by BlackRock, Fidelity, and Bitwise. These are the iShares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), and Bitwise Bitcoin Strategy Optimum Roll ETF (BITC).
According to a snapshot shared by Bloomberg ETF analyst Eric Balchunas, Pine Ridge Advisers has allocated $205 million to these Bitcoin ETFs, which account for 23% of their $890 million in assets under management.
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 pic.twitter.com/IlnWxZyhSh
— Eric Balchunas (@EricBalchunas) May 15, 2024
The largest share of the investment went to Fidelity Wise’s FBTC, with $93.38 million, followed by BlackRock’s IBIT at $83.17 million, and Bitwise’s BITB at $29.26 million. This strategic distribution across various funds demonstrates Pine Ridge Advisers’ diversified approach.
Pine Ridge Advisers offers discretionary investment advisory services to retail investors through Separately Managed Accounts (SMAs), with a minimum account size of $50 million in assets under management. Beyond investment management, the firm also provides financial advisory, portfolio reporting, due diligence, and family office services to its clients.
With the latest revelation, Pine Ridge Advisers has joined institutions such as UBS, JPMorgan, Wells Fargo, and the State of Wisconsin Investment Board on Bitcoin exposure through ETFs.
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