Wells Fargo Reports Exposure to Grayscale and ProShares Bitcoin ETF
Wells Fargo, a major financial services company based in the United States, has announced investments in Bitcoin (BTC) through exchanges offered by Greyscale and ProShares.
In a May 10 filing with the US Securities and Exchange Commission, Wells Fargo reported holding 37 shares of the ProShares Bitcoin Strategy ETF (BITO), which offers exposure to BTC futures, and 2,245 shares of the Greyscale Bitcoin Trust (GBTC). Converted to ETF. The firm reported 52 shares in Bitcoin Depot, a crypto ATM provider.
The total value of the three Bitcoin-related investments was $143,111, a very small holding for a major bank. Wells Fargo reported nearly $1.7 trillion in assets as of June 2023, making it the third-largest bank in the U.S. by assets. The SEC added that observers should not assume that information provided by a financial institution is “accurate and complete.”
RELATED: Big Banks Are Busting the SEC for Some Sweet Bitcoin ETF Action
The SEC approved the listing and trading of Bitcoin ETFs on US exchanges in January. Trading firm Susquehanna International Group reported buying more than $1 billion worth of shares in the first quarter of 2024, mostly in Grayscale Bitcoin Trust, Fidelity Wise Origin Bitcoin Fund and ProShares Bitcoin Strategy ETF.
Magazine: What do crypto market makers do? Liquidity, or fraud
