Wells Fargo, one of the prominent banking institutions in the United States, has revealed its foray into the world of cryptocurrencies
Wells Fargo, one of the prominent banking institutions in the United States, has revealed its foray into the world of cryptocurrencies through investments in various Bitcoin exchange-traded funds (ETFs). The disclosure was made in a regulatory filing submitted to the U.S. Securities and Exchange Commission (SEC).
According to the filing, Wells Fargo has 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 ProShares Bitcoin Strategy ETF (BITO), which offers investors exposure to Bitcoin futures contracts, enabling them to speculate on the future price movements of the cryptocurrency.
However, it is important to note that the bank's investments in these crypto-related vehicles are relatively small. The filing reveals that Wells Fargo's holdings in GBTC amount to $141,817, while its investment in ProShares is less than $1,200. Furthermore, the bank has a mere $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, it even conducted a pilot program involving its own digital currency.
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