In a recent filing with the Securities and Exchange Commission (SEC), Wells Fargo, the third-largest bank in the United States, revealed its ownership of shares in Bitcoin Spot ETFs. Alongside Grayscale’s spot BTC ETF, Wells Fargo’s investment portfolio now includes ProShares Bitcoin Strategy futures ETF and shares from Bitcoin Depot Inc.
Spot BTC ETFs have gained traction among institutional investors due to their ability to provide exposure to Bitcoin’s price movements without requiring direct ownership of the asset. This positioning makes them a more regulated and secure investment avenue for Bitcoin (BTC).
This development aligns with the broader trend of institutional adoption of Bitcoin. Numerous major banks and financial institutions are exploring avenues to incorporate Bitcoin into their offerings and gain exposure to the asset.
In a similar vein, Susquehanna International Group, a global trading and technology firm, disclosed in an SEC filing this week that it holds $1.8 billion in spot BTC and other Bitcoin ETFs.
Since their launch on January 10, BTC Spot ETFs have remained a focal point in the cryptocurrency market, reflecting the growing interest in these investment vehicles.
Featured image from: cointelegraph.com