Wells Fargo’s Bitcoin Fund Document

Wells Fargo — one of the oldest banks in the United States — has registered a new collective investment fund to provide its wealthy clients with indirect exposure to Bitcoin (Bitcoin).

Fargo Record The “Notice of Securities Exemption Issuance” (also known as Form D) filed with the U.S. Securities Commission (SEC) shows that the fund is named “FS NYDIG BITCOIN FUND I”, reflecting the fact that it is registering as an investment service company NYDIG and alternative A limited partnership of asset management company FS Investments.

The notice stated that Wells Fargo Clearing Services will collect allotment and service fees for all customers involved in the fund. It also indicated that the fund’s first sale has not yet occurred, and Fargo expects the issuance to last more than a year.

NYDIG is an acronym for New York Digital Investment Group, owned by Stone Ridge Asset Management, which owns Pursue an investment strategy focusing on Bitcoin through indirect contact And make Buy Bitcoin directly through NYDIG.

This summer, NYDIG also partnered with JPMorgan Chase to establish a new Bitcoin fund-this is just one of them. Six crypto funds of large banks It has been providing cryptocurrency exposure to various customers through it.

related: 60% of super-rich family offices consider encryption or own it: Goldman Sachs

Fargo’s switch to cryptocurrency reflects Asset classes are gaining popularity on Wall Street, Attracting companies such as Goldman Sachs, Bank of New York Mellon, JPMorgan Chase and Morgan Stanley.

In May of this year, Darrel Cronk, director of Wells Fargo’s Investment Research Institute, told reporters that the agency now judges that the cryptocurrency field “has reached the evolution and maturity of development so that it can now Viable investable assets“Since then began to provide risk exposure to its high-net-worth clients. As recently as December 2020, the head of the institute’s physical asset strategy stated that it has little interest in cryptocurrencies.