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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.
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