Wells Fargo, the third biggest bank in the US, reportedly acquired Bitcoin Spot ETF shares after submitting an application to the SEC.
The third-largest U.S. bank, Wells Fargo, has filed with the SEC to reveal that it had invested in spot Bitcoin ETFs.
In addition to Bitcoin Depot Inc. shares, the bank’s investment portfolio now includes the spot Bitcoin ETF by Grayscale and the futures ETF by ProShares Bitcoin Strategy.
Institutional investors have taken an interest in spot BTC ETFs because they allow them to profit from fluctuations in Bitcoin’s price without actually owning any of the cryptocurrency. For Bitcoin (BTC), this means they are a better regulated and less risky investment option.
Institutional adoption of Bitcoin is on the rise, and this development is happening at the same time. In order to diversify their portfolios and increase their exposure to Bitcoin, some large banks and financial organizations are looking into potential integrations.
In a filing with the SEC earlier this week, the worldwide trading and technology company Susquehanna International Group revealed that it owns $1.8 billion worth of spot Bitcoin and other Bitcoin exchange-traded funds.
Since its inception on January 10, BTC Spot ETFs have been a topic of discussion in the cryptocurrency market.
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