Wells Fargo, one of the largest banks in the United States, disclosed its exposure to a spot Bitcoin exchange-traded fund (ETF) in a recent filing with the Securities and Exchange Commission (SEC).
JUST IN: 🇺🇸 Wells Fargo Bank says it has established itself. #Bitcoin ETF Exposure in New SEC Filing 🙌 pic.twitter.com/H1iY9puKVb
— Bitcoin Magazine (@BitcoinMagazine) May 10, 2024
Wells Fargo has made noteworthy entries into the Bitcoin market, holding shares of Grayscale’s spot Bitcoin ETF, the ProShares Bitcoin Strategy futures ETF, and Bitcoin Depot Inc., according to the filing. Spot Bitcoin ETFs allow investors to gain exposure to Bitcoin’s price fluctuations without owning the asset directly, making them a popular choice among institutional investors looking for a more regulated investment vehicle for BTC.
News of Wells Fargo’s spot Bitcoin ETF exposure comes amid a broader trend of institutional adoption of Bitcoin, with several major banks and financial institutions looking for ways to integrate BTC into their products and provide exposure to the asset.
Earlier this week, investment giant Susquehanna International Group, LLP revealed in an SEC filing that it holds $1.8 billion in spot Bitcoin and other Bitcoin ETFs, joining a wave of large financial institutions disclosing exposure to BTC. He announced that he had joined.
