Wells Fargo, the third-largest bank in the United States, disclosed its investment in spot Bitcoin ETFs in a recent filing with the Securities and Exchange Commission (SEC).
The bank's investment portfolio now includes Grayscale's spot BTC ETF, ProShares Bitcoin Strategy futures ETF and Bitcoin Depot Inc. has shares.
Spot BTC ETFs have gained popularity among institutional investors as they provide exposure to Bitcoin's price movements without the need for direct ownership of the asset. This makes them a more regulated and safer investment vehicle for Bitcoin (BTC).
This development comes alongside a widespread trend towards institutional adoption of Bitcoin. Many major banks and financial institutions are exploring ways to include Bitcoin in their offerings and gain exposure to the asset.
Earlier this week, Susquehanna International Group, a global trading and technology firm, disclosed in an SEC filing that it holds $1.8 billion in spot BTC and other Bitcoin ETFs.
BTC Spot ETFs were launched on January 10 and have been on the agenda of the cryptocurrency market since then.
*This is not investment advice.