Two major American banks, Wells Fargo and JP Morgan, disclosed their investments in spot Bitcoin ETFs.
Wells Fargo reported owning 2,245 shares of Grayscale Bitcoin Trust (GBTC) worth $121,208. In addition, the organization holds 37 shares of the ProShares Bitcoin Strategy ETF (BITO), worth $1,195.
Earlier, it became known that JP Morgan management invested $760,000 in BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Trust (GBTC), Bitwise Bitcoin ETF, and ProShares Bitcoin Strategy ETF (BITO). In addition, the financial institution holds securities of Bitcoin Depot, a provider of cryptocurrency ATMs. The value of this stake is $47,000.
At the moment, Wells Fargo and JP Morgan own $882,120 worth of Bitcoin ETFs. However, this is at most 0.000018% of the assets’ value managed by the banks.
According to Eric Balchunas, a senior analyst at Bloomberg, other US financial institutions may follow the example of Wells Fargo and JP Morgan. In such a scenario, many banks will invest in Bitcoin ETFs despite the lull in the digital asset market. Bloomberg's positive outlook is supported by current statistics showing that from April 23 to May 10, 2024, capital inflows into Bitcoin ETFs reached an impressive $11.7 million.
