News
Wells Fargo Invests in Grayscale Spot Bitcoin ETF
Wells Fargo, one of the largest US banks, has invested in Grayscale’s spot Bitcoin ETF offering.
According to the US SEC website, Wells Fargo invested in a Bitcoin spot (Bitcoin) ETFs from Greyscale and ProShares.
Source: SEC
The company owns 37 ProShares Bitcoin Strategy ETFs 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 investing in Bitcoin was over $143,000. however, the SEC added that observers should not assume that information provided by a financial company is accurate and complete.
At the end of February, Merrill Lynch’s investment division and Wells Fargo’s asset management division start offering some clients access to BTC-based ETFs. The condition is that customers must have brokerage accounts and apply for a Bitcoin ETF separately.
A Wells Fargo representative confirmed that spot Bitcoin ETFs are available for purchase subject to regulatory approval through Wells Fargo Advisors or Wellstrade Bank’s online platform. UBS Group AG also selectively offers SEC-approved Bitcoin spot ETFs to certain wealth management clients with brokerage accounts.
The exposure to Bitcoin is not Wells Fargo’s first experience with cryptocurrencies and blockchain. In 2021 also the bank applied to register a passive BTC fund and indirectly provide high net worth clients with tools to invest in Bitcoin. At the time, the bank’s wealth and investment management division controlled about $2 trillion in assets.