Banking Giant Wells Fargo Reveals Investments in Bitcoin ETFs – Decrypt

American banking giant Wells Fargo disclosed investments in multiple Bitcoin ETFs Friday, per a regulatory filing, making it the latest institution to get onboard with the crypto-based vehicles.

Paperwork filed with the U.S. Securities and Exchange Commission (SEC) shows that the bank has bought shares of Grayscale’s GBTC spot Bitcoin exchange-traded fund (ETF), and that it also has exposure to Bitcoin Depot Inc., a Bitcoin ATM provider.

The document also shows that the bank has invested in ProShares Bitcoin Strategy ETF (BITO), which gives investors exposure to BTC futures—contracts that bet on the future price of the asset.

But the exposure is small: The filing shows that Wells Fargo’s investment in GBTC amounts to $141,817, while its ProShares investment is under $1,200. And the exposure to Bitcoin Depot stands at just $99.

Back in February, a report claimed that Wells Fargo—along with Bank of America’s Merrill division—was offering its wealth management clients exposure to Bitcoin ETFs via brokerage accounts.

Wells Fargo has repeatedly talked about investment in digital assets, and back in 2019 piloted its own digital currency.

The SEC in January approved 11 spot BTC ETFs, and since then, the products have been wildly successful, notching billions of dollars in inflows.

Bitcoin’s price has soared as ordinary investors have gotten involved in the space by buying shares that track the price of the biggest digital coin. In March, Bitcoin’s price hit a new all-time high of $73,747.

It has dropped steadily in recent weeks, however—now Bitcoin is trading at nearly $60,545 per coin, CoinGecko shows.

Edited by Andrew Hayward

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• Source: https://decrypt.co/230234/banking-giant-wells-fargo-reveals-investments-bitcoin-etfs