Wells Fargo invests in Grayscale spot Bitcoin ETF
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 10 2024
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Source: Coinmarketcap
- Wells Fargo's Investment in Bitcoin ETFs: Wells Fargo, a major U.S. bank, has invested in Grayscale's spot Bitcoin ETF offering along with ProShares.
- Investment Details: Wells Fargo owns shares in ProShares Bitcoin Strategy ETF, Grayscale Bitcoin Trust ETF, and Bitcoin Depot, totaling over $143,000.
- Availability of Bitcoin ETFs: Wells Fargo offers spot Bitcoin ETFs for purchase upon regulatory approval through Wells Fargo Advisors or Wellstrade Bank's online platform.
- Previous Cryptocurrency Involvement: In 2021, Wells Fargo applied to register a passive fund in BTC and provided tools for high-net-worth clients to invest in Bitcoin.
- Industry Trends: Other financial institutions like Merrill Lynch and UBS Group AG are also offering SEC-approved spot Bitcoin ETFs to certain clients with brokerage accounts.
Analyst Views on BTC
Wall Street analysts forecast BTC stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for BTC is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
