In a current submitting with the Securities and Trade Fee (SEC), Wells Fargo, one of many largest banks in america, disclosed its publicity to identify Bitcoin Trade-Traded Funds (ETFs).
JUST IN: 🇺🇸 Wells Fargo financial institution reveals it has spot #Bitcoin ETF publicity in new SEC submitting 👀 pic.twitter.com/H1iY9puKVb
— Bitcoin Journal (@BitcoinMagazine) May 10, 2024
In line with the submitting, Wells Fargo holds positions in Grayscale’s spot Bitcoin ETF, ProShares Bitcoin Technique futures ETF, and shares in Bitcoin Depot Inc., marking a notable entry into the Bitcoin market. Spot Bitcoin ETFs allow traders to realize publicity to Bitcoin’s value actions with out straight proudly owning the asset, making them a well-liked selection amongst institutional traders looking for a extra regulated funding car for BTC.
The information of Wells Fargo’s spot Bitcoin ETF publicity comes amid a broader development of institutional adoption of Bitcoin, with a number of main banks and monetary establishments exploring methods to include BTC into their choices and get publicity to the asset.
Earlier this week, funding agency big Susquehanna Worldwide Group, LLP revealed in an SEC submitting that it holds $1.8 billion in spot Bitcoin and different Bitcoin ETFs, becoming a member of the wave of huge monetary establishments disclosing their publicity to BTC.
