bitcoinmagazine.com
In a recent filing with the Securities and Exchange Commission (SEC), Wells Fargo, one of the largest banks in the United States, disclosed its exposure to spot Bitcoin Exchange-Traded Funds (ETFs).
JUST IN: 🇺🇸 Wells Fargo bank reveals it has spot #Bitcoin ETF exposure in new SEC filing 👀 pic.twitter.com/H1iY9puKVb
— Bitcoin Magazine (@BitcoinMagazine) May 10, 2024
According to the filing, Wells Fargo holds positions in Grayscale's spot Bitcoin ETF, 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's price movements without directly owning the asset, making them a popular choice among institutional investors seeking a more regulated investment vehicle for $BTC.
The 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 exploring ways to incorporate $BTC into their offerings and get exposure to the asset.
Earlier this week, investment firm giant Susquehanna International Group, LLP revealed in an SEC filing that it holds $1.8 billion in spot Bitcoin and other Bitcoin ETFs, joining the wave of massive financial institutions disclosing their exposure to $BTC.