Third largest U.S. bank invests in Bitcoin ETF, SEC reveals
Wells Fargo, the third-largest U.S. bank by assets, disclosed its investment in an exchange-traded fund, the Bitcoin ETF, through a new filing with the U.S. Securities and Exchange Commission (SEC).
The confirmation makes the bank the first major U.S. financial institution to hold Bitcoin through an ETF. Recently, BlackRock documents also revealed that BB Assets, the asset arm of Brazilian Bank, is one of the top five investors in the BlackRock Bitcoin ETF.
An SEC 13F filing released this Friday (10) revealed that Wells Fargo invested in Grayscale Bitcoin Trust (GBTC). Grayscale converted its trust to a spot Bitcoin ETF in January 2024 after a lengthy regulatory battle with the SEC.
Spot Bitcoin ETF
As a spot Bitcoin ETF, GBTC specializes in passive investing in real Bitcoin. The shares reflect the value of the BTC held by the trust. Wells Fargo’s investment in GBTC totals $141,817.
In addition to its stake in GBTC, the filing disclosed Wells Fargo’s investment in Bitcoin Depot Inc., a Bitcoin ATM provider that converts cash into Bitcoin. The bank holds 52 shares of Bitcoin Depot.
Additionally, Wells Fargo invested in the ProShares Bitcoin Strategy ETF (BITO), which invests in Bitcoin futures rather than directly investing in Bitcoin. The bank owns 37 shares of BITO stock valued at $1,195. It's worth noting that BITO's performance may not closely track Bitcoin returns because it holds CME Bitcoin futures.
As of April 2024, Wells Fargo's total assets reached US$1.73 trillion, solidifying its position as one of the world's largest financial institutions. The bank did not disclose whether the ETF position was intended as a reserve or for future business with clients.
The confirmation makes the bank the first major U.S. financial institution to hold Bitcoin through an ETF. Recently, BlackRock documents also revealed that BB Assets, the asset arm of Brazilian Bank, is one of the top five investors in the BlackRock Bitcoin ETF.
An SEC 13F filing released this Friday (10) revealed that Wells Fargo invested in Grayscale Bitcoin Trust (GBTC). Grayscale converted its trust to a spot Bitcoin ETF in January 2024 after a lengthy regulatory battle with the SEC.
Spot Bitcoin ETF
As a spot Bitcoin ETF, GBTC specializes in passive investing in real Bitcoin. The shares reflect the value of the BTC held by the trust. Wells Fargo’s investment in GBTC totals $141,817.
In addition to its stake in GBTC, the filing disclosed Wells Fargo’s investment in Bitcoin Depot Inc., a Bitcoin ATM provider that converts cash into Bitcoin. The bank holds 52 shares of Bitcoin Depot.
Additionally, Wells Fargo invested in the ProShares Bitcoin Strategy ETF (BITO), which invests in Bitcoin futures rather than directly investing in Bitcoin. The bank owns 37 shares of BITO stock valued at $1,195. It's worth noting that BITO's performance may not closely track Bitcoin returns because it holds CME Bitcoin futures.
As of April 2024, Wells Fargo's total assets reached US$1.73 trillion, solidifying its position as one of the world's largest financial institutions. The bank did not disclose whether the ETF position was intended as a reserve or for future business with clients.
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Solorific : Nice!
AlinaMlakamOP Solorific: I hope you can earn more wealth in the cryptocurrency market.
Kendrick lemons : Nice!