US banking giant Wells Fargo now holds a Bitcoin ETF on behalf of its clients, according to a new filing with the SEC.
The bank’s Form F13 filing, which requires institutional investment managers to disclose their holdings, shows that Wells Fargo owns 2,245 shares of the Grayscale Bitcoin Trust (GBTC), which converted into an ETF in January.
The total value of these shares at the time of publication is $121,207 – a slice of the company’s approximately $2 trillion in assets under management.
But the revelation is significant given the resistance banks have historically shown to customers seeking exposure to the digital asset industry.
This week, the U.S. House of Representatives passed a bill that would overturn SEC guidelines that discourage banks from holding cryptocurrencies by requiring them to list the assets as liabilities on their balance sheets.
The bill passed with 207 votes from Republicans and 21 votes from Democrats, 228 votes to 182.
Republican Rep. Mike Flood, who authored the resolution, said it is designed to “ensure consumers are protected by removing roadblocks that prevent highly regulated banks from acting as custodians of digital assets.”
The Biden administration has vowed to veto the bill if it passes the Senate, saying it could “improperly limit the SEC’s ability to ensure appropriate guardrails and address future issues related to crypto assets, including financial stability.”
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