4 months ago
23 ARTICLE AD
The move by Wells Fargo signifies a growing acceptance of crypto among traditional financial institutions.
Wells Fargo, the third-largest bank in the US by asset size, has disclosed its investment in Bitcoin exchange-traded funds (ETFs) through its latest Securities and Exchange Commission (SEC) filings.
The SEC 13F filings, released today, reveal that Wells Fargo has invested in the Grayscale Bitcoin Trust (GBTC), which was converted into a spot Bitcoin ETF in January 2024 following a lengthy regulatory battle with the SEC.
As a spot Bitcoin ETF, GBTC is solely and passively invested in actual Bitcoin, with its shares designed to reflect the value of the BTC held by the Trust. Wells Fargo’s investment in GBTC amounts to $141,817.
In addition to its stake in GBTC, the filing also disclosed Wells Fargo’s exposure to Bitcoin Depot Inc., a Bitcoin ATM provider that facilitates the conversion of cash into Bitcoin. The bank holds 52 shares of Bitcoin Depot, valued at $99.
Furthermore, Wells Fargo has invested in the ProShares Bitcoin Strategy ETF (BITO), which invests in bitcoin futures rather than directly in bitcoin. The bank holds 37 shares of BITO, valued at $1,195. It is important to note that BITO’s performance may not closely track bitcoin returns, as it holds CME bitcoin futures.
As of April 2024, Wells Fargo boasts total assets of $1.73 trillion, cementing its position as one of the world’s largest financial institutions.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
