Cryptocurrencies

Wells Fargo, a major financial services company based in the United States, revealed…

US-based financial services major Wells Fargo has revealed investments in Bitcoin (BTC) exchange-traded funds offered by Grayscale and ProShares.

In a May 10 filing with the U.S. Securities and Exchange Commission (SEC), Wells Fargo reported that it owns 37 shares in the ProShares Bitcoin Strategy ETF, which provides exposure to BTC futures, and 2,245 shares in the Grayscale Bitcoin Trust, which has been converted into an ETF. European Training Foundation. The company also reported 52 shares in Bitcoin Depot, a cryptocurrency ATM provider.

The total value of the three Bitcoin-related investments was $143,111, which is a very small holding for the main bank. Wells Fargo reported roughly $1.7 trillion in assets as of June 2023, making it the third-largest bank in the United States by holdings. The SEC added that supervisors should not assume that information provided by a financial company was “accurate and complete.”

This is a developing story, and more information will be added as it becomes available.

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