Major American bank Wells Fargo on Friday revealed investments in multiple Bitcoin ETFs according to a regulatory filing, becoming the latest financial institution to join the cryptocurrency-based vehicle.
Documents filed with the U.S. Securities and Exchange Commission (SEC) show that the bank has purchased shares of Grayscale's GBTC Spot Bitcoin exchange-traded fund (ETF), and that Bitcoin ATM provider Bitcoin Depot Inc. It has also been shown that the company has exposure to
The document also shows the bank is investing in the ProShares Bitcoin Strategy ETF (BITO), which gives investors access to Bitcoin futures (contracts that bet on the future price of an asset). You can gain exposure.
However, the exposure is small. Wells Fargo's investment in GBTC is $141,817, while its investment in ProShares is less than $1,200, according to the filing. And your exposure to Bitcoin Depot is only $99.
Back in February, it was reported that Wells Fargo, along with Bank of America's Merrill unit, was offering wealth management clients exposure to Bitcoin ETFs through their brokerage accounts.
Wells Fargo has repeatedly talked about investing in digital assets and piloted its own digital currency in 2019.
The SEC approved 11 spot BTC ETFs in January, and since then, these products have been hugely successful, recording billions of dollars in inflows.
Bitcoin prices soared as retail investors joined the space by buying stocks that tracked the price of the largest digital coin. In March, the price of Bitcoin hit a new all-time high of $73,747.
Edited by Andrew Hayward
