Wells Fargo Discloses Investments in Grayscale and ProShares Bitcoin ETFs

Wells Fargo, a major United States-based financial services firm, has disclosed investments in Bitcoin ($BTC) exchange-traded funds (ETFs) offered by Grayscale and ProShares. In a May 10 filing with the U.S. Securities and Exchange Commission (SEC), the bank reported holding 37 shares of the ProShares Bitcoin Strategy ETF, which offers exposure to $BTC futures, and 2,245 shares of Grayscale Bitcoin Trust, which was converted to an ETF. Additionally, Wells Fargo reported 52 shares in Bitcoin Depot, a crypto ATM provider. The total value of these three Bitcoin-related investments was $143,111, a significantly small holding for the major bank, which reported roughly $1.7 trillion in assets as of June 2023, making it the third-largest bank in the U.S. by holdings. The SEC added that observers should not assume that the information provided by the financial firm was "accurate and complete." This is a developing story, and further information will be added as it becomes available.