Wells Fargo, a prominent financial services firm in the United States, has made public its investments in Bitcoin exchange-traded funds (ETFs) offered by Grayscale and ProShares.
According to a filing with the U.S. Securities and Exchange Commission on May 10, Wells Fargo revealed its ownership of 37 shares of the ProShares Bitcoin Strategy ETF (BITO), which provides exposure to BTC futures, as well as 2,245 shares of Grayscale Bitcoin Trust (GBTC), which has been converted into an ETF. Additionally, the firm disclosed its ownership of 52 shares in Bitcoin Depot, a provider of crypto ATMs.
These three Bitcoin-related investments have a total value of $143,111, which is relatively small considering Wells Fargo’s extensive assets. As of June 2023, the financial firm reported approximately $1.7 trillion in assets, making it the third-largest bank in the U.S. based on holdings. It is important to note that the SEC has advised caution in assuming the accuracy and completeness of the information provided by Wells Fargo.
In related news, major banks have been seeking involvement in the Bitcoin ETF market, prompting the SEC to approve the listing and trading of spot Bitcoin ETFs on U.S. exchanges in January. Trading firm Susquehanna International Group disclosed that it acquired over $1 billion worth of shares of spot crypto ETFs in the first quarter of 2024, with a significant portion invested in the Grayscale Bitcoin Trust, Fidelity Wise Origin Bitcoin Fund, and ProShares Bitcoin Strategy ETF.
As the crypto market continues to evolve, it is essential to understand the role of market makers, who are responsible for providing liquidity and ensuring fair trading conditions. However, there have been concerns raised about potential manipulation within the market, highlighting the need for transparency and oversight.