PNC Bank has begun offering direct spot Bitcoin trading for eligible private banking clients, becoming the first major U.S. bank to implement buy, hold, and sell functions on its own digital platform.
According to an announcement released on Tuesday, this launch marks the first phase of PNC's partnership with Coinbase. The two announced their collaboration in July of this year, supported by Coinbase's "Crypto-as-a-Service" trading and custody services.
PNC's private banking services cater to high-net-worth and ultra-high-net-worth individuals, families, family offices, and business owners. The bank plans to gradually open services to more client groups and add more features.
According to Federal Reserve data, PNC is the eighth-largest commercial bank in the U.S., with assets of approximately $564 billion and over 2,300 branches nationwide.
Although several major U.S. banks have expanded their cryptocurrency operations this year, most banks are primarily focused on custody services or investment products, such as exchange-traded funds (ETFs).
On December 2, Bank of America announced that starting next year, its wealth management clients will be able to invest in four Bitcoin ETFs issued by Bitwise, Fidelity, Grayscale, and BlackRock.
These ETFs provide investors with exposure to Bitcoin (BTC) prices through regulated funds traded on stock exchanges, without the need to directly purchase and hold digital assets.
As cryptocurrencies gradually move into the mainstream, asset management companies and crypto exchanges are expanding services to affluent clients.
In June of this year, JPMorgan announced that it would allow its trading and wealth management clients to use crypto ETFs as collateral for loans. The bank also stated that it would begin incorporating clients' cryptocurrency holdings into its overall net worth assessments.
Binance recently launched a concierge service for family offices, asset management companies, and private equity funds entering the crypto market.
In Hong Kong, mainland China, and Singapore, cryptocurrency allocations are also on the rise, with some institutions planning to allocate about 5% of their portfolios to digital assets. Wealth management firms in the region report an increase in client inquiries, with new cryptocurrency funds generating strong interest.
The growing demand for cryptocurrencies among wealthy investors is reshaping the financial advisory market. A survey conducted by Zerohash in November among 500 U.S. investors aged 18 to 40 revealed that 35% of respondents withdrew funds from advisors that do not provide access to cryptocurrencies.
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