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Major American bank Wells Fargo on Friday revealed investments in multiple Bitcoin ETFs according to a regulatory filing, becoming the latest financial institution to join the cryptocurrency-based vehicle.
Office procedure It has been submitted An investigation with the U.S. Securities and Exchange Commission (SEC) revealed that the bank purchased shares in Grayscale’s GBTC Spot Bitcoin Exchange Traded Fund (ETF), increasing its exposure to Bitcoin ATM provider Bitcoin Depot. It was revealed that he also had
The document also shows the bank is investing in the ProShares Bitcoin Strategy ETF (BITO), which gives investors access to Bitcoin futures (contracts that bet on the future price of an asset). You can gain exposure.
However, the exposure is small. Wells Fargo’s investment in GBTC is $141,817, while its investment in ProShares is less than $1,200, according to the filing. And your exposure to Bitcoin Depot is only $99.
Back in February, it was reported that Wells Fargo, along with Bank of America’s Merrill unit, was offering wealth management clients exposure to Bitcoin ETFs through their brokerage accounts.
Wells Fargo has repeatedly talked about investing in digital assets and piloted its own digital currency in 2019.
The SEC approved 11 spot BTC ETFs in January, and since then, these products have been hugely successful, recording billions of dollars in inflows.
Bitcoin prices soared as retail investors joined the space by buying stocks that tracked the price of the largest digital coin. In March, the price of Bitcoin hit a new all-time high of $73,747.
However, it has been steadily declining in recent weeks, and Bitcoin is currently trading near $60,545 per coin, according to CoinGecko.
Edited by Andrew Hayward
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