Bitcoin
Wells Fargo Invests in Grayscale Spot Bitcoin ETF
Wells Fargo, one of the largest banks in the US, has invested in Grayscale’s Bitcoin ETF spot offering.
According to the US SEC website, Wells Fargo has invested in a Bitcoin spot (Bitcoin) ETF Shades of gray and ProShares.
Source: SEC
The company it has 37 ProShares Bitcoin Strategy ETF shares, which offer exposure to BTC futures, and 2,245 shares of the Grayscale Bitcoin Trust, which were converted into an ETF. It also has 52 shares of Bitcoin Depot on its balance sheet.
The total cost of investing in Bitcoin was over $143,000. However, the SEC added that observers should not assume that information provided by a financial company is accurate and complete.
In late February, Merrill Lynch’s investment division and Wells Fargo’s asset management division it started offering some clients access to BTC-based ETFs. The condition is that clients have brokerage accounts and apply for a Bitcoin ETF separately.
A Wells Fargo representative confirmed that spot Bitcoin ETFs are available for purchase upon regulatory approval through Wells Fargo Advisors or Wellstrade Bank’s online platform. UBS Group AG also selectively offers SEC-approved spot Bitcoin ETFs to certain asset management clients with brokerage accounts.
Exposure to Bitcoin is not Wells Fargo’s first experience with cryptocurrencies and blockchain. In 2021, the bank also applied to register a passive fund in BTC and indirectly provided high-net-worth clients with tools to invest in Bitcoin. At the time, the bank’s asset and investment management division controlled about $2 billion in assets.