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Wells Fargo, the fourth-largest U.S. bank, has dramatically expanded its exposure to Bitcoin ETFs, according to a recent SEC filing. The bank disclosed it held more than $160 million in BlackRock’s iShares Bitcoin Trust (IBIT) as of June 30, a sharp rise from just over $26 million at the end of the first quarter. The move highlights a growing embrace of digital assets among major financial institutions.
The filing also revealed Wells Fargo boosted its stake in the Invesco Galaxy Bitcoin ETF (BTCO) from $2.5 million to nearly $26 million during the second quarter. Holdings in the Grayscale Bitcoin Mini Trust and Grayscale Bitcoin Trust (GBTC) also climbed modestly, alongside smaller positions in Bitcoin and Ethereum funds from ARK Invest/21Shares, Bitwise, CoinShares/Valkyrie, Fidelity, and VanEck.
Momentum toward crypto exposure has been building across Wall Street. Earlier this year, Bloomberg reported Wells Fargo and Bank of America’s Merrill began offering spot Bitcoin ETFs to brokerage clients upon request. The latest filing signals that big banks are not only opening the door for clients but also actively investing in crypto themselves.
