Bitcoin
Wells Fargo ventures into crypto with Bitcoin ETF investments
Wells Fargo ventures into crypto with Bitcoin ETF investments
Wells Fargo, one of the prominent banking institutions in the United States, revealed its foray into the world of cryptocurrencies through investments in various Bitcoin exchange-traded funds (ETFs). The disclosure was made in a regulatory document submitted to the US Securities and Exchange Commission (SEC).
According to the document, Wells Fargo purchased shares of Grayscale’s GBTC spot Bitcoin ETF, providing the bank with exposure to the digital asset. Additionally, the document indicates that Wells Fargo has invested in the ProShares Bitcoin Strategy ETF (BITO), which offers investors exposure to Bitcoin futures contracts, allowing them to speculate on the cryptocurrency’s future price movements.
However, it is important to note that the bank’s investments in these cryptocurrency-related vehicles are relatively small. The document reveals that Wells Fargo’s holdings in GBTC total $141,817, while its investment in ProShares is less than $1,200. Additionally, the bank has just $99 exposure to Bitcoin Depot Inc., a Bitcoin ATM provider.
This move by Wells Fargo follows reports from February which suggested that the bank, along with Merrill, a division of Bank of America, was offering its wealth management clients the opportunity to invest in Bitcoin ETFs through brokerage accounts. . Over the years, Wells Fargo has expressed interest in digital assets and in 2019 even conducted a pilot program involving its own digital currency.