Wells Fargo Banks Has Invested $143 Million In Bitcoin, Filing Reveals The vast majority of those funds were held with the
Grayscale Bitcoin Trust (GBTC) – a Bitcoin spot ETF whose shares are designed to track
Bitcoin’s spot price during traditional stock market hours. The fund directly backs its shares with a fixed
amount of BTC, which gradually declines over time due to
management fees. The other two Bitcoin-related investments include a
$99,000 position in the Bitcoin ATM provider Bitcoin Depot and a $1.2 million position in the
ProShares Bitcoin Strategy ETF (BITO), a Bitcoin futures ETF. The total position represents just a drop of Wells Fargo’s
$603 billion in assets under management and has likely shrunk alongside Bitcoin’s price since the
reporting period. Nevertheless, the crypto community has hailed the bank’s allocation as a massive step toward institutional Bitcoin adoption.
Back in 2018, the same bank temporarily banned crypto credit card purchases, but its analysts came to recognize
Bitcoin’s rapid adoption growth and price appreciation over the coming years.
