PNC Bank, which manages nearly $500 billion in assets, has deepened its partnership with Coinbase to introduce direct Bitcoin trading for its clients. With this move, PNC becomes the first major U.S. bank to offer spot Bitcoin trading, signaling a new phase of institutional crypto adoption.
According to the bank’s announcement, eligible clients can now buy, hold, and sell Bitcoin through PNC’s digital banking platform. This service is powered by Coinbase’s Crypto-as-a-Service (CaaS) infrastructure, designed to provide secure access to digital asset markets.
The two companies first partnered in July to explore broader crypto services. PNC confirmed that the new Bitcoin trading option will initially launch for high-net-worth and ultra-high-net-worth clients. These customers will also gain access to institutional-grade custody solutions for managing their BTC holdings.
PNC stated that using Coinbase’s CaaS platform strengthens its digital strategy and positions the bank as a leader among traditional financial institutions entering the crypto space. CEO William S. Demchak emphasized that growing client interest in digital assets requires banks to offer safe, well-designed solutions integrated into their financial planning. He added that Coinbase’s infrastructure enables PNC to deliver Bitcoin trading in a secure and familiar environment.
The bank also noted that additional client segments and expanded features will be added over time as the offering evolves.
Coinbase Institutional described the launch as a major milestone for the industry. Co-CEO Brett Tejpaul said the partnership shows how traditional finance and blockchain-native companies can collaborate to safely broaden access to digital assets. Coinbase CEO Brian Armstrong also expressed enthusiasm, highlighting that PNC clients can now buy, sell, and hold Bitcoin directly within their existing banking accounts.
