Wells Fargo has registered a Bitcoin investment fund for its wealthy clients. The mega bank is offering select clients this service to help them access some exposure to Bitcoin.
A Form D (Notice of Exempt Offering of Securities) filing with the United States Securities and Exchange Commission (SEC) revealed that the fund is provided as part of a limited partnership with alternative assets management service FS Investments, and the New York Digital Investment Group (NYDIG).
The filing revealed that the fund is dubbed “FS NYDIG BITCOIN FUND I” and also that Wells Fargo Clearing Services will handle servicing and placement fees for clients. At the moment, the fund is yet to make its first sale.
Wells Fargo is joining a growing number of traditional financial institutions looking into the crypto sector. At the moment, BNY Mellon, JPMorgan Chase, Morgan Stanley, and Goldman Sachs all seek to expose customers to cryptocurrency.
JPMorgan also recently launched a private Bitcoin fund. Just like Wells Fargo, JPMorgan is restricting access to wealthy clients and is also collaborating with the NYDIG. The bank’s entry into the crypto sector is particularly interesting, considering that CEO Jamie Dimon is popular for his dislike of the crypto sector. However, the CEO has stated that regardless of his disinterest, clients’ needs must be met.
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