Banking giant Wells Fargo reveals investments in Bitcoin ETFs

American banking giant Wells Fargo disclosed investments in multiples Bitcoin ETFs on Friday, according to a regulatory filing, making it the latest institution to join crypto-based vehicles.

Paperwork filed with the US Securities and Exchange Commission (SEC) shows that the bank purchased shares of GBTC in grayscale spot Bitcoin exchange-traded (ETF), and which also has exposure to Bitcoin Depot Inc., a Bitcoin ATM provider.

The document also shows that the bank invested in the ProShares Bitcoin Strategy ETF (BITO), which gives investors exposure to BTC futures – contracts that bet on the future price of the asset.

But the exposure is small: The document shows that Wells Fargo’s investment in GBTC is worth $141,817, while its investment in ProShares is less than $1,200. And exposure to Bitcoin Depot is just $99.

In February, a report stated that Wells Fargo – along with Bank of America’s Merrill division – was offering its wealth management clients exposure to Bitcoin ETFs through brokerage accounts.

Wells Fargo has repeatedly talked about investing in digital assets, and in 2019 piloted his own digital currency.

The SEC in January approved 11th place Bitcoin ETFand since then, the products have been a huge success, raking in billions of dollars in proceeds.

Bitcoin Price has soared as everyday investors have gotten involved in the space by purchasing shares that track the price of the largest digital currency. In March, the price of Bitcoin reached a new all-time high of $73,747.

However, it has steadily fallen in recent weeks – now Bitcoin is trading at almost $60,545 per coin, CoinGecko shows.

Edited by Andrew Hayward

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