Pine Ridge Advisors Stakes $205 Million on Spot Bitcoin ETFs

IconCNT15 May, 2024

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Pine Ridge Advisors Stakes $205 Million on Spot Bitcoin ETFs

Bloomberg ETF analyst Eric Balchunas revealed via Twitter that US asset manager Pine Ridge Advisors holds a substantial $205 million portfolio in spot #Bitcoin ETFs. This represents approximately 23% of the firm's assets under management (AUM) allocated to spot #Bitcoin ETFs, including 93.38 million of FBTC, 83.17 million of IBIT, and 29.26 million of BITB. While these holdings indicate a strong commitment to #Bitcoin, Balchunas cautions that Pine Ridge Advisors may be engaging in a pairs trade strategy. Previously on 15 May 2024, Bloomberg ETF analyst Eric Balchunas reported that "US asset manager Pine Ridge Advisors holds $205 million worth of spot #Bitcoin ETFs." He mapped the firm's exposure as 23% of AUM in spot #Bitcoin ETFs, with 93.38 million of FBTC, 83.17 million of IBIT, 29.26 million of BITB. However, the analyst noted that it is "worth noting that they could be running this as a pairs trade."

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