Wells Fargo, a major US-based financial services company, has disclosed its investment in a Bitcoin (BTC) exchange-traded fund offered by Grayscale and ProShares.
In a May 10 filing with the U.S. Securities and Exchange Commission, Wells Fargo reported holding 37 shares of the ProShares Bitcoin Strategy ETF (BITO), which provides exposure to BTC futures, and 2,245 shares of the Grayscale Bitcoin Trust (GBTC). I did. I switched to ETFs. The company also reported 52 shares of cryptocurrency ATM provider Bitcoin Depot.
The total value of the three Bitcoin-related investments is $143,111, which is considerably smaller than the holdings of major banks. Wells Fargo reported assets of approximately $1.7 trillion as of June 2023, making it the third-largest U.S. bank by assets held. The SEC added that observers should not assume that information provided by financial firms is “accurate and complete.”
Related: Big banks are persuading the SEC for sweet Bitcoin ETF action.
The SEC approved the listing and trading of a Bitcoin spot ETF on U.S. exchanges in January. Trading firm Susquehanna International Group reported that it purchased more than $1 billion worth of shares of spot cryptocurrency ETFs in the first quarter of 2024, consisting of Grayscale Bitcoin Trust, Fidelity Wise Origin Bitcoin Fund, and ProShares Bitcoin Strategy ETF.
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