Wells Fargo Dips Into Bitcoin Investments with ETFs and Crypto ATM Shares

Wells Fargo, a prominent financial services firm in the United States, has made significant investments in Bitcoin-related financial instruments, including exchange-traded funds (ETFs) managed by Grayscale and ProShares.

In its latest filing with the U.S. Securities and Exchange Commission (SEC) on May 10, Wells Fargo revealed holdings of 37 shares in the ProShares Bitcoin Strategy ETF (BITO), which tracks Bitcoin futures, and 2,245 shares in the Grayscale Bitcoin Trust (GBTC), recently converted into an ETF. Additionally, the firm reported owning 52 shares in Bitcoin Depot, a provider of cryptocurrency ATMs.

These investments total $143,111, which represents a relatively minor portion of the bank’s portfolio. As of June 2023, Wells Fargo reported assets totaling approximately $1.7 trillion, positioning it as the third-largest U.S. bank by holdings. The SEC, however, cautioned that the details disclosed should not be automatically considered comprehensive or wholly accurate.

The approval for the trading of spot Bitcoin ETFs on U.S. exchanges came through in January. Following this development, trading firm Susquehanna International Group disclosed that it had acquired over $1 billion in shares from various spot crypto ETFs during the first quarter of 2024. This substantial investment included shares from the Grayscale Bitcoin Trust, Fidelity Wise Origin Bitcoin Fund, and the ProShares Bitcoin Strategy ETF.