Wells Fargo Ventures into Bitcoin ETFs with Grayscale Investment

Wells Fargo Ventures into Bitcoin ETFs with Grayscale Investment

In a notable move, Wells Fargo, a prominent U.S. banking institution, has entered the realm of cryptocurrency investments by backing Grayscale’s spot Bitcoin ETF offering.

As disclosed on the U.S. SEC website, Wells Fargo has allocated funds into a spot Bitcoin (BTC) ETF from both Grayscale and ProShares, signaling its growing interest in the digital asset space.

The bank’s investment portfolio now includes 37 shares of ProShares Bitcoin Strategy ETF, providing exposure to BTC futures, along with 2,245 shares of the Grayscale Bitcoin Trust, recently converted into an ETF format. Additionally, Wells Fargo holds 52 shares of Bitcoin Depot, underscoring its diversified approach to Bitcoin investments.

The total investment in Bitcoin amounts to over $143,000, according to SEC filings. However, the SEC cautioned against assuming the accuracy and completeness of information provided by financial institutions.

In February, Wells Fargo’s investment arm, along with Merrill Lynch’s division, commenced offering select clients access to BTC-based ETFs, contingent upon possessing brokerage accounts and submitting separate requests for Bitcoin ETFs.

A spokesperson from Wells Fargo confirmed that spot Bitcoin ETFs are now available for purchase through Wells Fargo Advisors or the Wellstrade Bank online platform, subject to regulatory approvals. Similarly, UBS Group AG has begun selectively offering SEC-approved spot Bitcoin ETFs to certain asset management clients with brokerage accounts.

This foray into Bitcoin ETFs marks Wells Fargo’s latest engagement with cryptocurrencies and blockchain technology. In 2021, the bank sought registration for a passive fund in BTC and facilitated indirect investment avenues in Bitcoin for high-net-worth clients. At that time, its asset and investment management division oversaw approximately $2 trillion in assets, underlining its significant presence in the financial landscape.

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