Thomas Daniels
Wells Fargo, a titan in the U.S. banking sector, has marked a significant expansion in its cryptocurrency portfolio by investing in Grayscale’s spot Bitcoin ETF. According to the U.S. Securities and Exchange Commission (SEC), this strategic move encompasses Wells Fargo’s acquisition of a spot Bitcoin ETF from Grayscale and ProShares.
The investment portfolio includes 37 shares of the ProShares Bitcoin Strategy ETF, which provides exposure to Bitcoin futures. Additionally, the bank has acquired 2,245 shares of the Grayscale Bitcoin Trust, recently converted into an ETF format. Wells Fargo also holds 52 shares of Bitcoin Depot, strengthening its position in the digital asset market.
This considerable investment in Bitcoin assets totals over $143,000. The SEC, however, advises caution, noting that financial disclosures should not be presumed accurate and complete without verification.
In a broader strategy to enhance digital asset accessibility, at the end of February, both Merrill Lynch’s investment division and Wells Fargo’s asset management division started to offer selected clients access to Bitcoin-based ETFs. Eligibility for these offerings is contingent upon clients having an active brokerage account and specifically requesting access to a Bitcoin ETF.
A Wells Fargo spokesperson confirmed that spot Bitcoin ETFs would be available for purchase through Wells Fargo Advisors or the Wellstrade Bank online platform upon receiving regulatory approval. Similarly, UBS Group AG is selectively offering SEC-approved spot Bitcoin ETFs to certain asset management clients who have the necessary brokerage setup.
Wells Fargo’s venture into Bitcoin exposure is not its initial foray into the cryptocurrency sphere. In 2021, the bank applied for registration of a passive Bitcoin fund and indirectly equipped high-net-worth clients with mechanisms to invest in Bitcoin. During this period, Wells Fargo’s asset and investment management division was responsible for managing approximately $2 trillion in assets.
