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Wells Fargo, JP Morgan & Others Disclosed Investments In BTC ETFs

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Wells Fargo, JP Morgan, and BNY Mellon shared their exposure to Bitcoins through ETFs, which led to a movement in the ETF market.

The major financial services firms, including Wells Fargo, JP Morgan, and BNY Mellon, have disclosed their investments in Bitcoin exchange-traded funds offered by various significant asset management companies.

Financial Services Firms File Reports

Wells Fargo

Wells Fargo shared a filing with the U.S. Securities and Exchange Commission on May 10. The company reported holding 37 shares of the ProShares Bitcoin Strategy ETF (BITO). The instrument offers exposure to BTC futures and 2,245 shares of Grayscale Bitcoin Trust (GBTC). Moreover, the firm also reported 52 shares of Bitcoin.

The total value of three Bitcoin-related investments collectively contributed to a total investment of $143,111, of which GBTC individually holds $141,817. However, it is not a significant investment as a ratio to the bank’s total investments of $1.7 Trillion reported in June 2023. It is the third-largest bank in the U.S. in terms of holdings. 

BNY Mellon

BNY Mellon also reported that it holds investments in Bitcoin in an X post. Moreover, companies like BNP Paribas and JP Morgan also have investments in Bitcoin backed products.

J.P. Morgan

J.P. Morgan also reported investments in BTC ETFs worth $731,246 in BlackRock’s IBIT, Bitwise’s BITB, Fidelity’s FBTC and Grayscale’s GBTC. Major investments were held in BlackRock’s IBIT worth more than 50%, that is $477,425.

Holdings Of BTC ETF Sponsors In Their Instruments

BlackRock itself held an investment of $6.6 Million in its own Bitcoin ETF, IBIT, as per its latest filing shared on May 10. 

Similarly, Ark Invest also holds an investment in the ARKB fund worth $206.4 Million. Van Eck also holds investments in its HODL fund worth $98,000. 

The investments in BlackRock were announced amid the positive performance of BlackRock’s IBIT. IBIT is reportedly the second-largest spot Bitcoin ETF in terms of assets under management.

Implications Of This Reporting On The Overall ETF Market

This reporting of investments in spot BTC ETFs by some of the top financial services companies and the sponsors of the BTC ETFs has increased the trust of other investors in the products.

This increased interest is expected to attract a new range of investors and will boost the prices and assets under management for these funds after five months of trading in the market.

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