at recent days Deposit With the Securities and Exchange Commission (SEC), Wells Fargo, one of the largest banks in the United States, disclosed its exposure to Bitcoin exchange-traded funds (ETFs).
JUST IN: πΊπΈ Wells Fargo Bank reveals it has a place #Bitcoin Exposure to ETFs in New SEC Filing π pic.twitter.com/H1iY9puKVb
– Bitcoin Magazine (@BitcoinMagazine) May 10, 2024
According to the filing, Wells Fargo has positions in Grayscale's spot Bitcoin ETF, the ProShares Bitcoin Strategy Futures ETF, and shares in Bitcoin Depot Inc., marking a notable entry into the Bitcoin market. Spot Bitcoin ETFs enable investors to gain exposure to Bitcoin price movements without directly owning the asset, making them a popular choice among institutional investors looking for a more regulated investment vehicle for Bitcoin.
News of the exposure of the Wells Fargo Spot Bitcoin ETF comes amid a broader trend of institutional adoption of Bitcoin, with several major banks and financial institutions exploring ways to integrate Bitcoin into their offerings and exposure to the asset.
Earlier this week, investment giant Susquehanna International Group, LLP revealed in a Securities and Exchange Commission filing that it owns $1.8 billion in spot Bitcoin and other Bitcoin exchange-traded funds, joining a wave of massive financial institutions revealing their exposure to Bitcoin.
