2024-05-11
Wells Fargo, the third-largest bank in the United States, has recently revealed its investment in spot Bitcoin ETFs in a filing with the Securities and Exchange Commission (SEC).
In its investment portfolio, the bank now includes Grayscale's spot BTC ETF, ProShares Bitcoin Strategy futures ETF, and Bitcoin Depot Inc. shares.
Spot BTC ETFs have become increasingly popular among institutional investors as they offer exposure to Bitcoin's price movements without requiring direct ownership of the asset.
This makes them a regulated and secure investment vehicle for Bitcoin (BTC).
This development aligns with the growing trend of institutional adoption of Bitcoin, with many major banks and financial institutions exploring ways to incorporate Bitcoin into their offerings and gain exposure to the asset.
In a recent SEC filing, Susquehanna International Group, a global trading and technology firm, disclosed that it currently holds $1.8 billion in spot BTC and other Bitcoin ETFs.
BTC Spot ETFs were launched on January 10 and have since garnered significant attention within the cryptocurrency market.
