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Wells Fargo Launches Passive Bitcoin Fund for Wealthy Clients
JPMorgan also registered its passive bitcoin fund with U.S. regulators Thursday.
Wells Fargo on Thursday registered a private bitcoin fund with U.S. regulators, becoming the latest mega-bank with an indirect crypto investment vehicle for its wealthiest clients.
STORY CONTINUES BELOW
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- A source familiar with the matter told CoinDesk the new fund is passive, a break from earlier reports that Wells Fargo would pitch wealthy investors with an actively managed offering.
- NYDIG and FS Investments are partnering with Wells Fargo on the offering, according to regulatory documents; the pair have worked together on bitcoin funds before. Wells Fargo gets a cut of sales through two subsidiaries.
- The new fund, FS NYDIG Bitcoin Fund I, LP, did not have any sales as of Thursday.
- JPMorgan's passive bitcoin fund was also filed with the Securities and Exchange Commission Thursday. As CoinDesk previously reported, it is also a partnership with NYDIG.
- Wells Fargo did not immediately provide a comment to CoinDesk.
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
