Wells Fargo Looking Forward to Bitcoin Fund

Wells Fargo partners with NYDIG and FS Investments to provide wealthy clients indirect exposure to Bitcoin through a new fund.

One of the country’s oldest banks, Wells Fargo, has launched a new pooled investment fund that provides wealthy investors with indirect Bitcoin exposure.

The fund’s name is “FS NYDIG BITCOIN FUND I,” according to Wells Fargo’s filing with the US Securities and Exchange Commission of a “Notice of Exempt Offering of Securities” — also known as a Form D — indicating that it will be incorporated as a limited partnership with investment services company NYDIG and substitute asset manager FS Investments.

According to the announcement, Wells Fargo Clearing Services will get placement and maintenance fees for all clients it introduces to the fund. It also reveals that the fund’s initial sale has yet to take place, and Wells Fargo anticipates the offering to extend longer than a year.

Stone Ridge Asset Management owns NYDIG, or New York Digital Investing Group, which has followed a Bitcoin-focused investment strategy through indirect exposure and direct Bitcoin acquisitions through NYDIG.

This summer, NYDIG teamed with JPMorgan Chase on a new Bitcoin fund, one of the megabank’s six crypto funds through which it has been giving crypto exposure to a variety of customers.

Wells Fargo’s move into crypto echoes the asset class’s rising appeal on Wall Street, with Goldman Sachs, BNY Mellon, JPMorgan Chase, and Morgan Stanley, among others who have invested.

In May, Wells Fargo Investment Institute President Darrell Cronk told reporters that the cryptocurrency industry had “touched the evolutionary and maturity of its growth that permits it today to be a legitimate investable asset,” and the bank has subsequently begun giving exposure to its worthy clients. The institute’s chief of real asset strategy has expressed minimal interest in crypto as late as December 2020.

Source: Cointelegraph News

Please follow our social media accounts for updates:

Facebook: https://www.facebook.com/Defiescrow

Instagram: https://www.instagram.com/defiescrow/

Twitter: https://twitter.com/DefiescrowDefix

LinkedIn: https://www.linkedin.com/company/defixsolutions

Reddit: https://reddit.com/user/DeFiEscrow/

Website: defix.solutions

Telegram Main Group: https://t.me/joinchat/PN5PoRJHRikwNjll