PNC Bank has launched direct spot bitcoin trading for eligible PNC Private Bank clients, becoming the first major U.S. bank to offer native bitcoin access directly through its own digital banking platform.
The new service allows qualified private banking clients to buy, hold, and sell bitcoin without using an external cryptocurrency exchange.
The offering is powered by Coinbase’s Crypto-as-a-Service (CaaS) infrastructure, which provides trading, custody, and settlement capabilities embedded directly within PNC’s Private Bank Online platform via its Portfolio View interface.
The launch follows a strategic partnership between the bank and Coinbase announced in July and marks one of the clearest steps yet by a major U.S. bank toward integrating spot bitcoin trading into core wealth management services.
Bitcoin allocation to wealthy PNC clients
Last week, Bank of America began allowing its 15,000 wealth management advisers to recommend a 1%–4% allocation to crypto for clients, signaling a broader Wall Street shift toward mainstream Bitcoin exposure.
The guidance, effective next year, focuses on regulated bitcoin ETFs from Bitwise, Fidelity, Grayscale, and BlackRock, with the bank emphasizing a measured approach and clear expectations around volatility.
Similarly, PNC Private Bank serves high- and ultra-high-net-worth individuals and family offices across more than 100 offices nationwide.
“As client interest in digital assets continues to grow, our responsibility is to offer secure and well-designed options that fit within the broader context of their financial lives,” said Chairman and CEO William Demchak.
He added that the collaboration enables clients to access bitcoin trading “in a controlled and familiar environment” consistent with the bank’s regulatory and risk standards.
Under the arrangement, Coinbase provides the institutional-grade infrastructure that powers execution and custody, while the bank retains the direct client relationship.
Coinbase Institutional co-CEO Brett Tejpaul said the partnership demonstrates how traditional financial institutions and crypto-native companies can work together to expand access to digital assets safely and compliantly, according to Bloomberg reporting.
Tejpaul likened Coinbase’s role to that of cloud providers such as Amazon Web Services, supplying the underlying technology while banks focus on client services.
The service is currently limited to PNC’s private bank clients, whose bitcoin purchases can be funded through their existing PNC investment management and checking accounts.
PNC executives said the rollout represents an early phase of a broader digital asset strategy.
PNC has previously offered clients indirect exposure to bitcoin and ether through ETFs, but this marks the bank’s first move into direct spot trading. According to PNC, the bank plans to expand access to additional client segments, including institutional investors such as nonprofits, endowments, and foundations, in future phases.
