Tuesday, May 28, 2024
Home > News > Bitcoin News > Wells Fargo invests in Grayscale spot Bitcoin ETF

Wells Fargo invests in Grayscale spot Bitcoin ETF

Wells Fargo, one of the largest U.S. banks, has invested in Grayscale’s spot Bitcoin ETF offering.

According to the U.S. SEC website, Wells Fargo invested in a spot Bitcoin (BTC) ETF from Grayscale and ProShares.

Source: SEC

The company owns 37 ProShares Bitcoin Strategy ETF shares, which offer exposure to BTC futures, and 2,245 shares of the Grayscale Bitcoin Trust, which have been converted into an ETF. It also has 52 shares of Bitcoin Depot on its balance sheet.

The total cost of the Bitcoin investment was over $143,000. However, the SEC added that observers should not assume that information provided by a financial firm was accurate and complete.

At the end of February, Merrill Lynch’s investment division and Wells Fargo’s asset management division began offering some clients access to ETFs based on BTC. The condition is that clients must have brokerage accounts and request 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.

The Bitcoin exposure 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 trillion in assets.