by Chris Lion 
The bank disclosed that it holds $143,111 worth of shares several bitcoin-related products, including the ProShares Bitcoin Strategy ETF and Grayscale.
Wells Fargo, one of the biggest banks in the United States, has revealed that it owns investments in Grayscale and ProShares Bitcoin exchange-traded funds (ETFs).
Wells Fargo Invests $143k in Bitcoin ETFs
In a recent filing with the U.S. Securities and Exchange Commission (SEC) on May 10, Wells Fargo disclosed ownership of 37 shares of the ProShares Strategy ETF (BITO) and 2,245 shares of the Grayscale Bitcoin Trust (GBTC). Notably, the GBTC was converted to an ETF. The firm also reported 52 shares in Bitcoin Depot, a crypto ATM provider.
Wells Fargo reported a total investment value of $143,111 in its three Bitcoin-related assets, a relatively small portion of its overall holdings. As of June 2023, the banking giant boasted approximately $1.7 trillion in assets, ranking it the third-largest bank in the United States by holdings.
The bank’s representative noted that investors can acquire spot Bitcoin ETFs through Wells Fargo Advisors or Wellstrade Bank’s online platform upon regulatory clearance.
Other Firms Investing in Spot Bitcoin ETFs
Aside from Wells Fargo, other financial institutions and companies, such as Susquehanna International Group, revealed that have invested in spot crypto ETFs. Susquehanna holds over $1 billion in the Grayscale Bitcoin Trust, Fidelity Wise Origin Bitcoin Fund, and ProShares Bitcoin Strategy ETF.
The Bank of New York Mellon Corporation (BNY Mellon), one of the oldest and largest banks in the U.S., has also disclosed its investments in Bitcoin ETFs managed by BlackRock and Grayscale.
BNY Mellon’s involvement with Grayscale entailed buying shares of its Bitcoin Trust, while its engagement with BlackRock’s IShares Bitcoin Trust (IBIT) included acquiring ETF shares. Despite being relatively small, these investments underscore the bank’s acknowledgment of Bitcoin’s potential as an asset class.
The surge of Bitcoin ETFs has been remarkable. According to Bloomberg’s ETF expert Eric Balchunas, it typically took 647 trading days (around three years) for an ETF like JPMorgan Nasdaq Equity Premium ETF (JEPQ) to reach $10 billion in assets before the introduction of Bitcoin ETFs.
