One of the most famous and expensive companies in the U.S., Wells Fargo, registered a private Bitcoin fund with US regulators on August 19. Following the example of some in the industry, a large bank will provide its wealthy clients with indirect mechanisms for investing in cryptocurrencies.
With the growing popularity of cryptocurrencies, retail investors and organizations are looking to invest in them. Respected banks and funds strive to keep up with the times and offer their clients the appropriate functionality. Banking holding company Wells Fargo & Company, which is one of the so-called "big four" U.S. banks, is ranked 7th in the list of the most valuable U.S. companies (S&P 500), and is also included in the Fortune 1000 rating, has registered a private Bitcoin fund with the regulators USA
A source familiar with the matter told CoinDesk that the new fund is passive. A passive ETF is a tool that seeks to replicate the performance of a cryptocurrency by reflecting its assets. It also reported that NYDIG and FS Investments are partnering with Wells Fargo on a proposal in accordance with regulatory filings. These companies have worked together on Bitcoin funds in the past. Wells Fargo gets a share of the sales through two subsidiaries.
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Eva Fox
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.
