{"id":327943,"date":"2021-08-20T12:20:30","date_gmt":"2021-08-20T09:20:30","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/wells-fargo-files-for-bitcoin-fund\/"},"modified":"2021-08-20T12:20:30","modified_gmt":"2021-08-20T09:20:30","slug":"wells-fargo-files-for-bitcoin-fund","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/wells-fargo-files-for-bitcoin-fund\/","title":{"rendered":"# Wells Fargo files for Bitcoin fund"},"content":{"rendered":"

“# Wells Fargo files for Bitcoin fund <\/strong>”
\n<\/p>\n

Wells Fargo \u2013 one of the oldest banks in the United States \u2013 has registered a new, pooled investment fund that offers its wealthy clients indirect exposure to Bitcoin (BTC).<\/p>\n

Fargo\u2019s filing<\/a> of a \u201cNotice of Exempt Offering of Securities\u201d \u2014 also known as a Form D \u2014 with the United States Securities Commission (SEC), reveals that the fund is called \u201cFS NYDIG BITCOIN FUND I,\u201d reflecting the fact that it is being incorporated as a limited partnership with investment services company NYDIG and alternative assets manager FS Investments.<\/p>\n

The notice indicates that Wells Fargo Clearing Services will receive placement and servicing fees for all clients it refers to the fund. It also shows that the fund\u2019s first sale is yet to occur and that Fargo expects the offering to last more than one year.<\/p>\n

NYDIG, an acronym for New York Digital Investment Group, is owned by Stone Ridge Asset Management, which has pursued a \u200b\u200bBitcoin-focused investment strategy through indirect exposure\u00a0and\u00a0making direct Bitcoin purchases via NYDIG.\u00a0<\/p>\n

NYDIG has also partnered with JPMorgan Chase on a new Bitcoin fund this summer \u2013 just one of the megabank\u2019s six crypto funds through which it has been offering crypto exposure to various clients.<\/p>\n

Related: <\/em><\/strong>60% of uber-rich family offices considering crypto or own it: Goldman Sachs<\/em><\/strong><\/p>\n

Fargo\u2019s pivot to crypto reflects the asset class\u2019s growing popularity on Wall Street, drawing in the likes of Goldman Sachs, BNY Mellon, JPMorgan Chase and Morgan Stanley.\u00a0<\/p>\n

This May, Darrel Cronk, the president of Wells Fargo Investment Institute, told reporters that the institution now judges that the cryptocurrency space has \u201chit an evolution and maturation of its development that allows it now to be a viable investable asset\u201d and has since begun offering exposure to its high-net-worth clients. As recently as December 2020, the head of real asset strategy at the institute had suggested it had little interest in crypto.<\/p>\n