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US banking giant Wells Fargo on Friday disclosed investments in several bitcoin ETFs, per a regulatory filing, making it the latest institution to board crypto-based vehicles.
A filing with the US Securities and Exchange Commission (SEC) revealed that the bank bought shares of Greyscale's GBTC spot Bitcoin exchange-traded fund (ETF) and sold shares to Bitcoin ATM provider Bitcoin Depot Inc. It shows that it has exposure.
The document also shows that the bank has invested in the ProShares Bitcoin Strategy ETF (BITO), which gives investors exposure to BTC futures – to bet on the future price of the asset.
But the exposure is small: the filing shows that Wells Fargo's investment in GBTC is $141,817, while ProShares' investment is less than $1,200. And exposure to Bitcoin Depot stops at just $99.
In February, a report revealed that Wells Fargo, along with Bank of America's Merrill unit, was offering its wealth management clients exposure to a Bitcoin ETF through brokerage accounts.
Wells Fargo has talked a lot about investing in digital assets, and in 2016 In 2019, it tested its own digital currency.
The SEC approved 11 spot BTC ETFs in January, and since then the products have been wildly successful, bringing in billions of dollars.
Bitcoin's price has soared as ordinary investors get into the space by buying stocks that track the value of the biggest digital coin. In March, the price of Bitcoin hit a new all-time high of $73,747.
It has steadily declined in recent weeks, however – Bitcoin is now trading at around $60,545 per coin, CoinGecko shows.
Edited by Andrew Hayward.
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