Wells Fargo Launches Passive Bitcoin Fund for High-Income Clients | Future of Money

Banking giant registered fund with US regulatory authorities in partnership with NYDIG and FS Investments and is yet another to join the crypto market

On Thursday, 19th, Wells Fargo registered a private bitcoin fund with US regulators, becoming yet another banking giant to offer a cryptocurrency investment vehicle to its high-income customers.

  • A source said the new fund is passive, contradicting earlier reports that Wells Fargo would look for high-income investors with active management offerings.
  • NYDIG and FS Investments have partnered with Wells Fargo for the offering, according to regulatory documents; the two have worked together on bitcoin funds before. Wells Fargo will receive a portion of the sales through two subsidiaries.
  • The new fund, FS NYDIG Bitcoin I and LP had no sales until Thursday 19th.
  • JPMorgan has also filed a request with the US Securities and Exchange Commission (SEC) on Thursday 19 for its passive bitcoin fund, which is also a partnership with NYDIG.
  • Wells Fargo did not comment on the case.
  • Invest in bitcoin with the support of advisors from the largest investment bank in Latin America
Text translated and republished with the permission of Coindesk

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