ETFs
Banking Giant Wells Fargo Reveals Investments in Bitcoin ETFs
American banking giant Wells Fargo has disclosed investments in several Bitcoin ETF on Friday, according to a regulatory filing, making it the latest institution to move into crypto-based vehicles.
Paperwork deposit with the United States Securities and Exchange Commission (SEC) shows that the bank purchased shares of Grayscale GBTC spot Bitcoin Exchange-Traded Fund (ETF), and that it also has exposure to Bitcoin Depot Inc., a Bitcoin ATM provider.
The document also shows that the bank invested in the ProShares Bitcoin Strategy ETF (BITO), which provides investors with exposure to BTC futures, contracts that bet on the future price of the asset.
But the exposure is low: The filing shows that Wells Fargo’s investment in GBTC is $141,817, while its investment in ProShares is less than $1,200. And exposure to Bitcoin Depot stands at just $99.
Last February, a requested report that Wells Fargo, along with Bank of America’s Merrill division, offered its wealth management clients exposure to Bitcoin ETFs through brokerage accounts.
Wells Fargo has repeatedly talked about investing in digital assets, starting in 2019. piloted his own digital currency.
The SEC in January approved 11 place BTC ETFand since then, the products have been hugely successful, generating billions of dollars in revenue.
The price of Bitcoin has soared as ordinary investors have gotten involved in the space by purchasing stocks that track the price of the largest digital coin. In March, Bitcoin price reached a new all-time high of $73,747.
Edited by Andrew Hayward