Wells Fargo Filed To Register A Bitcoin Fund With The SEC

Wells Fargo filed to register a Bitcoin fund with the SEC after months of dabbling with the idea of getting on the crypto team so let’s read more in our latest bitcoin news today.

Wells Fargo filed to register a Bitcoin fund with the US Securities and Exchange Commission to launch a designated BTC fund. According to the filing, the US financial institution partnered with the FS Investments and New York Digital Investment Group. The name of the product will be FS NYDIG Bitcoin Fund I, LP While the previous speculations showed that Wells Fargo could be following the JPMorgan route which means it will launch an actively managed fund and this one filed with the SEC will likely be passive.

The president of the bank Darell Cronk said that the institution could be the next giant on Wall Street that is looking into the digital asset industry. Cronk failed to provide more details on the new products aside from saying that the project is in the final stages of development. Wells Fargo’s filing with the SEC only confirmed the growing adoption rate from the US banking giants. By showing demand from the institutional clients, plenty of others are considering joining in. The former outspoken critique Goldman Sachs reactivated the crypto trading desk and filed for a Bitcoin ETF. BNY Mellon enabled digital asset custodial services for its customers which were mimicked by other banks as well while Morgan Stanley enabled its clients to gain access to BTC via three funds which also filed to receive a BTC exposure for a dozen of its own funds.

As recently reported, Despite looking at BTC as the best performing asset in 2020, Wells Fargo compared in a recent report which the industry is still predominated by speculation rather than traditional investing. The major US financial company compared BTC with the gold rush in the 1850s. Wells Fargo explored the performances on other financial assets during this year, as per the report. The paper further noted that while most investors heard of digital assets and they also continue to steer clear from purchasing or using them. Crypto assets “attract lots of attention but not necessarily lots of investment money.” It’s worth noting that the narrative shifted in 2020 with tech companies like MicroStrategy and Square as well as the US Insurance giant allocated millions of dollars in BTC.