Evolving Money: Blue Chip Meets Blockchain

Podcast: Bloomberg Intelligence — Evolving Money (Sponsored Content)
Date: February 15, 2026
Host: Angie Lau
Guest: Amanda Agati, Chief Investment Officer, PNC’s Asset Management Group

Main Theme & Purpose

This episode explores how PNC Bank—a longtime pillar of traditional finance—is approaching crypto and blockchain as an institutional investor. The conversation with Amanda Agati focuses on why and how PNC is moving into digital assets, what challenges they’ve faced internally, how they’re bringing crypto to clients, and the broader lessons for the future of finance.

Key Discussion Points & Insights

1. Institutional Adoption: Early Days, Fast Evolution

• [00:21] Amanda Agati: It's only recently that institutional adoption of crypto has truly started to take hold.
  • Host Angie Lau underscores the magnitude: PNC, dating to 1845 and managing over $215 billion, signals “bedrock” financial institutions are exploring crypto.

2. Rationale for Entering Crypto

• [02:00] Amanda Agati: For PNC, crypto is “the next natural evolution of the multi asset universe.”
  • The bank’s value is in capital allocation across asset classes—crypto now belongs in that conversation.
  • Changing regulatory dynamics (more favorable under the new administration) reopened the door after a pause.

“We are really, I think, paid and expected by our clients and the investors that we serve to understand where the edge is, where the next wave of financial innovation is coming from.”
— Amanda Agati [02:20]

3. Internal Challenges: Debates & Due Diligence

• [03:50] Amanda Agati: Conversations were challenging due to regulatory and risk concerns.
  • Not everyone at PNC was on board—concerns over compliance, security, and legal risks kept debate lively.
  • As a regulated institution, testing the “outer bounds” of comfort was a key part of the process.

“This sat at the outer bounds of most people’s comfort level. … It took a lot of conversations and handholding to get everybody on board.”
— Amanda Agati [04:30]

4. Strategy: Targeted Access via Partnership

• [05:06] Amanda Agati:
  • PNC partnered with Coinbase instead of trying to “do all things and be all things.”
  • Strategic partnership allows learning—new trading platforms, 24/7 markets, evolving asset types (beyond Bitcoin).

“It made perfect sense to partner with [Coinbase] to connect our clients and create access to this new opportunity set.”
— Amanda Agati [05:12]

5. Where Is Demand Coming From?

• [06:17] Amanda Agati: Both PNC’s internal innovation drive and client interest fuel progress.

  • Clients seek advice, guidance, and educational resources.
  • Diverse client needs: some want direct access (Bitcoin, Ethereum, Solana), some prefer easier vehicles (e.g. ETFs).

• Institutional clients (e.g., endowments) frequently ask about handling large crypto gifts—current processes are cumbersome, so improving this is on the roadmap.

  • Exploring staking, yield-farming, and incorporating Ethereum may be part of “MVP2 and beyond.”

6. Portfolio Impact: Volatility and Diversification

• [09:14] Amanda Agati: Crypto offers clear diversification benefits—it’s “very much indeed an uncorrelated asset.”
  • Scarcity dynamics and blockchain mechanics may add to long-term valuation.
  • Downsides: extreme volatility—roughly four times that of equities.

“It’s not for the faint of heart. … You have to be able to stomach somewhat of a wild ride. It’s not a straight line higher kind of story.”
— Amanda Agati [09:50]

- PNC’s approach is long-term, methodical, high-conviction—and crypto is no exception.

7. Beyond Coins: Blockchain, Private Markets, and New Models

• [11:58] Amanda Agati: The promise of blockchain is larger than just coins (Bitcoin, Ethereum).
  • Venture capital and private investments offer alternative exposures to new business models born from blockchain.
  • Not all clients can participate in private markets, so democratizing access is important.

“For a decent number of years, that was the primary way…to access blockchain technology…that’s fine, but not all clients are eligible or able or willing to invest in private markets.”
— Amanda Agati [12:22]

• The 24/7 crypto market prompts PNC to consider if and when traditional markets might move to always-on trading.

“I don’t sleep that much as it is. I definitely won’t sleep in a 24/7 trading environment…”
— Amanda Agati [13:50]

8. What’s Next: Focus on Execution & Adoption

• [15:22] Amanda Agati: No long wish list for exotic new features—the work ahead is deepening existing capabilities and broadening client access.

“…there’s a lot to chew on certainly in the new year as it relates to just some of the existing capabilities. We just need to lean further into adoption and exposure…”
— Amanda Agati [15:55]

Notable Quotes & Memorable Moments

• “Crypto feels like just the next natural evolution of the multi asset universe.”
  — Amanda Agati [02:03]

• “This sat at the outer bounds of most people’s comfort level. Right. When we think about risk compliance, legal, cybersecurity, etc.”
  — Amanda Agati [04:27]

• “It made perfect sense to partner with [Coinbase], to connect our clients and create access to this new opportunity set.”
  — Amanda Agati [05:09]

• “What we see is about four times the volatility of public equities. And so it’s not for the faint of heart.”
  — Amanda Agati [09:38]

• “I don’t sleep that much as it is. I definitely won’t sleep in a 24/7 trading environment.”
  — Amanda Agati [13:50]

Timestamps for Key Segments

| Timestamp | Topic | |-----------|---------------------| | 00:21 | Institutional adoption begins | | 02:00 | PNC’s rationale: natural evolution | | 03:30 | Internal debates & challenges | | 05:06 | Coinbase partnership strategy | | 06:17 | Client and market demand | | 09:14 | Portfolio construction & volatility | | 11:58 | Blockchain beyond coins, private markets | | 13:50 | 24/7 markets and innovation spillover | | 15:22 | Execution focus, “chewing on” current roadmap |

Summary Takeaways

• ‘Old school’ doesn’t mean static: Even the most traditional banks are seriously (and carefully) engaging with crypto.
• Partnerships over building from scratch: Becoming a gateway for clients, not a direct innovator, can be the most strategic route.
• Client demand and portfolio theory matter: True innovation is driven both by investor curiosity and classic diversification theory.
• Caution and conviction: High volatility and regulatory risk mean adoption comes incrementally—thoughtful, not hasty.
• Broader impacts: Blockchain’s biggest promise may be in business model and market structure evolution—including potentially 24/7 trading.

Original Tone: Professional, thoughtful, pragmatic, with candid admissions of both the challenges and excitement around institutional crypto adoption.
Recommended for: Investors, industry-watchers, executives considering digital assets, and anyone curious about how tradition meets innovation.