Wells Fargo has recently registered a private bitcoin fund with the US Securities and Exchange Commission (SEC), which makes it the latest banking powerhouse with an indirect crypto investment vehicle for its richest clients.
Previously, it was speculated that Wells Fargo would be launching an actively managed fund like JPMorgan did. However, this is not the case as it is revealed that the new fund would be passive instead.
As of Thursday, the new fund, named “FS NYDIG Bitcoin Fund I, LP”, did not have any sales.
The filing reveals that this is a collaborative initiative with FS Investments and New York Digital Investment Group (NYDIG). The pair have worked on bitcoin funds together in the past.
Darrell Cronk, the President of Wells Fargo, suggested in an interview back in May that the institution would be the next Wall Street giant to explore the digital asset industry. Aside from saying that the potential new product was in the final stage of development, Cronk did not elaborate further on its details.
