Episode summary
Evolving Money: Blue Chip Meets Blockchain (Sponsored Content) | Bloomberg Intelligence
Bloomberg Intelligence
· · Hosts: Paul Sweeney
Summary
PNC Bank is using crypto as a test case for how a traditional financial institution can extend its investment offering into digital assets. Amanda Agotti argues that crypto fits naturally alongside public markets, private markets, alternatives, and commodities, and says the firm restarted work as the regulatory backdrop improved and client demand persisted. The point is not to chase every token, but to create access through a controlled, bank-friendly structure.
A major part of the discussion is PNC’s strategic partnership with Coinbase, which lets the firm offer clients direct crypto exposure while learning how to operate in a 24/7 trading environment with new AML, cyber, and custody considerations. The guest says the current offering is only an MVP, with future expansion likely into Ethereum, staking, and perhaps broader institutional use cases such as accepting highly appreciated crypto gifts.
The episode also frames crypto as a portfolio construction issue. The guest says the data so far suggest crypto is uncorrelated and potentially useful for diversification, but volatility remains a major obstacle, with crypto showing about four times the volatility of public equities. PNC’s approach is deliberately methodical: build access first, then learn, then consider broader recommendations.
Key takeaways
- Amanda Agotti says PNC sees crypto as the next natural evolution of its multi-asset offering, not a side bet.
- PNC’s partnership with Coinbase is designed to create client access while the bank learns how to handle 24/7 trading, AML, and cyber controls.
- The guest says crypto appears uncorrelated and diversifying, but its volatility is about four times that of public equities.
- PNC is considering Ethereum, staking, and crypto-gift workflows as likely next steps beyond the current MVP.
- The guest says institutional adoption is being driven by both internal innovation goals and client requests for guidance and access.
Notable quotes
“crypto feels like just the next natural evolution of the multi-asset universe”
“it took a a lot of I think conversations and internal debate particularly as it relates to the regulatory backdrop”
“we only know so much at this point, but based on what we have seen so far, um it is very much indeed an uncorrelated asset”
“What we see is about four times the volatility of public equities”
How the episode opens
Since you're a subscriber to this Bloomberg podcast, we thought you'd be interested in a sponsored podcast called Evolving Money, produced by Coinbase and Bloomberg Media Studios. It explains how institutional investors are adopting the world's newest asset class, crypto. Here's a recent episode.
It's early days, right? It's only more recently that we're starting to see true institutional adoption start to take hold. That's Amanda Agotti, the chief investment officer for PNC's asset management group.
And she's right. True institutional adoption of crypto is just starting to take hold. That's what this series is about.
Who are the big players adding digital assets to their offerings? How are they doing it? Are they partnering up or going it alone?
and why are they doing it now? Are they trying to get ahead of the crowd or are they reacting to client demand? Well, we're going to answer those questions and more in this season of Evolving Money, a show that explores how institutional investors are adopting the world's newest asset class, crypto.
Hi, I'm Angie Lao. I've been a financial reporter for decades and the people I'm talking to this season are amongst the highest ranking decision makers in the finance industry and that starts with today's guest Amanda Agatti. Now Amanda leads the investment strategy group at PNC Bank.
This is a financial services company with roots that go way back to 1845. That's about 180 years ago. Now, between their historical roots and their $215 billion US of assets under management, they are a bedrock financial institution, the epitome of old school.
So, what is an old school titan doing in the crypto space? Well, it's just sort of the next natural evolution of our investment offering. I mean, we we spend a lot of time looking at the multi-asset universe, and we're very much capital allocators.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- stablecoins
- tokenized equities
- corporate treasury crypto
- bank crypto adoption
- blockchain market infrastructure
Companies and tickers mentioned
- PNC
- COIN
- PNC Bank
- Coinbase
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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