Wells Fargo Discloses Investments in Grayscale Bitcoin ETFs

Wells Fargo Embraces Bitcoin ETFs

Wells Fargo, a prominent financial services company in the United States, has revealed its investments in Bitcoin exchange-traded funds provided by Grayscale and ProShares.

Wells Fargo’s Bitcoin Investments

According to a filing made with the U.S. Securities and Exchange Commission on May 10, Wells Fargo disclosed its ownership of 37 shares of the ProShares Bitcoin Strategy ETF (BITO), which provides exposure to BTC futures, and 2,245 shares of Grayscale Bitcoin Trust (GBTC), now converted into an ETF. Additionally, the firm reported holding 52 shares in Bitcoin Depot, a provider of cryptocurrency ATMs.

The combined worth of the three Bitcoin-associated investments amounted to $143,111, representing a relatively modest position for the prominent bank. As of June 2023, Wells Fargo declared assets nearing $1.7 trillion, securing its position as the third-largest U.S. bank by assets. The SEC cautioned against presuming the accuracy and entirety of the details furnished by the financial institution.

In January, the SEC greenlit the listing and trading of spot Bitcoin ETFs on U.S. exchanges. Susquehanna International Group, a trading firm, disclosed acquiring over $1 billion in shares of spot crypto ETFs during the first quarter of 2024. Their investment primarily consisted of holdings in the Grayscale Bitcoin Trust, Fidelity Wise Origin Bitcoin Fund, and ProShares Bitcoin Strategy ETF.

Conclusion

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