Episode summary
Evolving Money: Blue Chip Meets Blockchain (Sponsored Content) | Bloomberg Surveillance
Bloomberg Surveillance
· · Hosts: Tom Keene, Paul Sweeney, Lisa Mateo, Michael Barr
Summary
PNC Bank is treating crypto as a natural extension of its multi-asset investing platform, not a fringe bet. The guest says the firm first explored the space, stepped back when the regulatory backdrop turned unfavorable, and then reopened the effort after a new administration made the environment more workable. The central argument is that a traditional, highly regulated institution can create client access to crypto without trying to do everything itself.
The guest says PNC’s first move was a strategic partnership with Coinbase to build a crypto-for-clients solution, which forced the bank to learn a different trading platform, 24/7 market structure, and new AML and cyber controls. Demand, the guest says, is coming from both sides: internal conviction that crypto is a meaningful innovation theme, and clients asking for advice, education, and more ways to get exposure.
The guest also frames crypto as useful but risky. She says it looks uncorrelated to public markets and could improve diversification, yet it has about four times the volatility of public equities. Beyond spot exposure, PNC is looking at ETFs, private-market access, Ethereum, staking, and even what crypto’s always-on trading model could teach traditional markets.
Key takeaways
- The guest says PNC sees crypto as the next natural evolution of its multi-asset offering, alongside equities, fixed income, alternatives and commodities.
- The guest says the bank’s Coinbase partnership was the key to gaining internal support because it created access without trying to build everything in-house.
- The guest says crypto has diversification potential because it appears uncorrelated, but it comes with about four times the volatility of public equities.
- The guest says ETF wrappers have made institutional adoption easier because they fit into existing multi-asset portfolios.
- The guest says PNC is also thinking about private-market access, Ethereum, staking and how crypto’s 24/7 trading could influence traditional markets.
Notable quotes
“crypto feels like just the next natural evolution of the multi-asset universe”
“it just made a lot of sense for us to pick it back up again”
“We're learning how to operate in 247 trading environments”
“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
- crypto integration
- stablecoins payments
- tokenized equities
- corporate treasury crypto
- tokenization challenges
Companies and tickers mentioned
- PNC
- PNC Bank
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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