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Third Largest Bank in the US Discloses Bitcoin ETF Holdings

Third Largest Bank in the US Discloses Bitcoin ETF Holdings

Wells Fargo, a major US financial services firm, has disclosed its investments in Bitcoin exchange-traded funds (ETFs) offered by Grayscale and ProShares.

In a filing with the U.S. Securities and Exchange Commission on May 10, Wells Fargo reported holdings of 37 shares of the ProShares Bitcoin Strategy ETF (BITO), which provides exposure to BTC futures, and 2,245 shares of Grayscale Bitcoin Trust (GBTC), now converted into an ETF.

Additionally, the firm disclosed ownership of 52 shares in Bitcoin Depot, a crypto ATM provider.

The total value of these Bitcoin-related investments amounted to $143,111, a relatively small portion of Wells Fargo’s overall holdings. As of June 2023, the bank reported approximately $1.7 trillion in assets, ranking as the third-largest bank in the U.S. by holdings.

However, the SEC cautioned that observers should not assume the accuracy and completeness of the information provided by the financial institution.

READ MORE: Banking Giant JPMorgan Reveals Bitcoin ETF Holdings

In related news, the SEC approved the listing and trading of spot Bitcoin ETFs on U.S. exchanges in January.

Trading firm Susquehanna International Group reported purchasing over $1 billion worth of shares of spot crypto ETFs in the first quarter of 2024, primarily comprising investments in the Grayscale Bitcoin Trust, Fidelity Wise Origin Bitcoin Fund, and ProShares Bitcoin Strategy ETF.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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