Wells Fargo Purchases Grayscale Spot Bitcoin ETF

The bank holds shares in ProShares Bitcoin Strategy ETF and the Grayscale Bitcoin Trust, with a total investment of over $143,000.

May 11, 2024 - 13:16
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Wells Fargo Purchases Grayscale Spot Bitcoin ETF
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Wells Fargo, a major U.S. bank, has made an investment in Grayscale's spot Bitcoin ETF offering, according to reports. As per information on the U.S. SEC website, Wells Fargo has invested in a spot Bitcoin (BTC) ETF from Grayscale and ProShares.

The bank holds 37 shares of ProShares Bitcoin Strategy ETF, providing exposure to BTC futures, and 2,245 shares of the Grayscale Bitcoin Trust, which have transitioned into an ETF format. Additionally, it has 52 shares of Bitcoin Depot listed on its balance sheet. The total investment in Bitcoin amounted to over $143,000. However, the SEC cautioned against assuming the accuracy and completeness of information provided by financial institutions.

In late February, Merrill Lynch's investment division and Wells Fargo's asset management division started offering select clients access to BTC-based ETFs. This offering is contingent upon clients having brokerage accounts and separately requesting a Bitcoin ETF.

A Wells Fargo representative verified that spot Bitcoin ETFs are available for purchase once regulatory approval is obtained, either through Wells Fargo Advisors or Wellstrade Bank's online platform. UBS Group AG also provides SEC-approved spot Bitcoin ETFs to specific asset management clients with brokerage accounts.

This isn't Wells Fargo's first foray into cryptocurrencies and blockchain. In 2021, the bank applied to register a passive fund in BTC and indirectly facilitated high-net-worth clients' investments in Bitcoin. At that time, the bank's asset and investment management division oversaw around $2 trillion in assets.