Wells Fargo files case for Bitcoin fund – .

Wells Fargo files case for Bitcoin fund – .

Wells Fargo – one of the oldest banks in the United States – has registered a new pooled investment fund that offers its high net worth clients indirect exposure to Bitcoin (BTC).
Fargo’s filing of a “Notice of Exempt Offer of Securities” – also known as Form D – with the United States Securities Commission (SEC), reveals that the fund is called “FS NYDIG BITCOIN FUND I ”, reflecting that it is being incorporated as a limited partnership with investment services firm NYDIG and alternative asset manager FS Investments.

The notice states that Wells Fargo Clearing Services will charge an offering and servicing fee for all clients it refers to the fund. It also shows that the fund’s first sale has yet to take place and that Fargo expects the offer to last longer than a year.

NYDIG, an acronym for New York Digital Investment Group, is owned by Stone Ridge Asset Management, which pursued a Bitcoin-focused investment strategy through indirect exposure and direct purchases of Bitcoin through NYDIG.

NYDIG also partnered with JPMorgan Chase on a new Bitcoin fund this summer – one of six crypto funds in the mega-bank through which it provides crypto exposure to various clients.

A report: 60% of ultra-rich family offices consider or own crypto: Goldman Sachs

Fargo’s pivot to crypto reflects the growing popularity of the asset class on Wall Street, attracting Goldman Sachs, BNY Mellon, JPMorgan Chase and Morgan Stanley.

Last May, Darrel Cronk, president of the Wells Fargo Investment Institute, told reporters that the institution now believes that the cryptocurrency space has “seen an evolution and maturation of its development which now allows it to” to be a viable investment asset ”and has since started offering exposure to its high net worth clients. As late as December 2020, the institute’s head of real asset strategy had suggested he had little interest in crypto.


Please enter your comment!
Please enter your name here