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U.S. banking giant Wells Fargo disclosed investments in several Bitcoin ETFs, according to a regulatory filing on Friday, becoming the latest institution to participate in the cryptocurrency-based vehicle.
According to a filing with the U.S. Securities and Exchange Commission (SEC), the bank purchased shares of Grayscale’s GBTC spot Bitcoin exchange-traded fund (ETF) and Bitcoin ATM provider Bitcoin Depot. Depot Inc.) was also found to be exposed.
The document also shows that the bank invested in the ProShares Bitcoin Strategy ETF (BITO), which provides investors with exposure to BTC futures (a contract that bets on the future price of the asset).
However, the level of exposure is small. Wells Fargo’s GBTC investment was worth $141,817, while its ProShares investment was worth less than $1,200, according to the filing. And exposure to Bitcoin Depot is only $99.
A report in February said Wells Fargo was offering Bitcoin ETF exposure to wealth management clients through brokerage accounts with Bank of America’s Merrill division.
Wells Fargo has repeatedly talked about investing in digital assets, and in 2019 it tested its own digital currency.
Last January, the SEC approved 11 spot BTC ETFs, and since then, the products have been a huge success, attracting billions of dollars in inflows.
The price of Bitcoin has surged as retail investors purchase stocks that track the price of the largest digital coin. Last March, the price of Bitcoin reached an all-time high of $73,747.
However, it has fallen steadily in recent weeks. Bitcoin is currently trading at nearly $60,545 per coin, CoinGecko shows.
Editor: Andrew Hayward
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