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Wells Fargo, currently the United States’ third largest bank, has ventured into cryptocurrency investments, according to a recent SEC filing. On May 10, the financial giant revealed its holdings in Bitcoin-related funds, including 37 shares of the ProShares Bitcoin Strategy ETF and 2,245 shares of the Grayscale Bitcoin Trust, recently converted into an ETF. Additionally, the bank has invested in 52 shares of Bitcoin Depot, a company specializing in crypto ATM services.
Despite the investments totaling $143,111, which is a relatively minor fraction of the bank’s assets, this move signals a growing interest in the digital currency space by traditional financial institutions. Wells Fargo, with assets reported at approximately $1.7 trillion as of June 2023 and ranking as the third-largest U.S. bank, could set a precedent for other major banks exploring similar ventures. The SEC noted that the accuracy and completeness of this information should not be assumed without verification.
