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.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight – and oversight – of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : CryptoBriefing – https://cryptobriefing.com/pine-ridge-bitcoin-etf-investment/
