0
0
Wells Fargo Reveals Investments in Bitcoin ETFs
American banking giant Wells Fargo recently disclosed its investments in various Bitcoin Exchange-Traded Funds (ETFs) in a regulatory filing, joining the trend of institutions entering the crypto market.
The filing with the U.S. Securities and Exchange Commission (SEC) revealed that Wells Fargo has purchased shares of Grayscale’s GBTC spot Bitcoin ETF, along with exposure to Bitcoin Depot Inc., a provider of Bitcoin ATMs. Additionally, the bank has invested in the ProShares Bitcoin Strategy ETF (BITO), which offers investors exposure to BTC futures contracts.
However, the investments made by Wells Fargo are relatively small in scale. The filing indicated that the bank’s investment in GBTC amounts to $141,817, while its ProShares investment is less than $1,200. The exposure to Bitcoin Depot stands at just $99.
Earlier this year, a report suggested that Wells Fargo, along with Bank of America’s Merrill division, was allowing its wealth management clients to access Bitcoin ETFs through brokerage accounts. Wells Fargo has been vocal about its interest in digital assets and even tested its own digital currency back in 2019.
In January, the SEC approved 11 spot BTC ETFs, which have since garnered significant interest from investors, attracting billions of dollars in inflows. The surge in popularity of Bitcoin ETFs has coincided with a sharp increase in the price of Bitcoin, reaching an all-time high of $73,747 in March.
However, the price of Bitcoin has experienced a decline in recent weeks and is currently trading at around $60,545 per coin, according to CoinGecko.
Despite the modest investments made by Wells Fargo in Bitcoin ETFs, its foray into the crypto market reflects a growing acceptance of digital assets among traditional financial institutions.
Image/Photo credit: source url
