A recent filing Wells Fargo (one of the biggest banks in America) disclosed to the Securities and Exchange Commission its exposure towards spot Bitcoin Exchange Traded Funds.Â
JUST IN: 🇺🇸 Wells Fargo bank reveals it has spot #Bitcoin ETFs exposed in SEC filing👀 pic.twitter.com/H1iY9puKVb
— Bitcoin Magazine (@BitcoinMagazine) May 10, 2024
Wells Fargo has made a noteworthy entry in the Bitcoin market, as per the filed documents. The company holds Grayscale’s spot Bitcoin ETF and ProShares Bitcoin Strategy ETF futures ETF. It also owns shares in Bitcoin Depot Inc. The spot Bitcoin ETFs allow investors to get exposure to Bitcoin’s price movement without having to own the asset. They are a preferred choice for institutional investors looking to invest in BTC.
Wells Fargo’s exposure to spot Bitcoin through an ETF is part of a larger trend in institutional adoption, as several major banks have adopted Bitcoin. financial BTC is being explored by institutions to be included in their products and to gain exposure.
Earlier this week, investment firm giant Susquehanna International Group, LLP revealed In an SEC filing, it stated that the company holds $1.8 Billion in Bitcoin spot and Bitcoin ETFs. financial Disclosure by institutions of their BTC exposureÂ
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Source: bitcoinmagazine.com