Wells Fargo has created a Bitcoin investment fund to help its wealthy clients. This service is available to select clients to allow them to gain exposure to Bitcoin.
A Notice of Exempt Offer of Securities (Form D) was filed with United States Securities and Exchange Commission. It revealed that the fund was provided in a limited partnership with alternative asset management service FS Investments and the New York Digital Investment Group.
According to the filing, the fund was named “FS NYDIGBITCOIN FUND 1” and Wells Fargo Clearing Services would handle placement and servicing fees. The fund has yet to sell its first transaction.
Wells Fargo joins a growing list of traditional financial institutions that are looking into the cryptocurrency sector. BNY Mellon and JPMorgan Chase are currently attempting to expose customers to cryptocurrency. Morgan Stanley, Morgan Stanley and Goldman Sachs are also looking into the sector.
JPMorgan recently launched a private Bitcoin funds. JPMorgan, like Wells Fargo is restricting wealthy clients’ access and is also working with the NYDIG. It is interesting that the bank is entering the crypto sector, especially considering Jamie Dimon, the CEO of the bank. However, the CEO stated that clients’ needs must be met, regardless of his disinterest.
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