The U.S. SEC website states that Wells Fargo purchased a spot Bitcoin (BTC) exchange-traded fund (ETF) from ProShares and Grayscale.

The business holds 2,245 shares of the Grayscale Bitcoin Trust that have been turned into exchange-traded funds (ETFs) and 37 shares of the ProShares Bitcoin Strategy ETF, which provides exposure to Bitcoin futures. Additionally, 52 Bitcoin Depot shares are included on its balance sheet.

The investment in Bitcoin cost more than $143,000 in all. The SEC did note, however, that viewers shouldn't presume that data supplied by a financial business was reliable and comprehensive.

The asset management and investing divisions of Merrill Lynch and Wells Fargo started providing some of its customers with access to Bitcoin-based exchange-traded funds (ETFs) at the end of February. Clients are required to establish brokerage accounts and submit separate requests for a Bitcoin ETF.

Spot Bitcoin ETFs may be bought via Wells Fargo Advisors or the Wellstrade Bank website after receiving regulatory permission, according to a Wells Fargo spokesperson. Additionally, UBS Group AG provides certain asset management customers with brokerage accounts SEC-approved spot Bitcoin exchange-traded funds (ETFs).

Wells Fargo has prior expertise with cryptocurrencies and blockchain, predating even the exposure to Bitcoin. The bank also made an application to create a passive fund in Bitcoin in 2021, therefore giving high-net-worth clients some indirect means of making Bitcoin investments. About $2 trillion worth of assets were under the jurisdiction of the bank's asset and investment management division at the time.