Wells Fargo, the fourth-largest bank in the United States, is significantly increasing its exposure to Bitcoin and other digital assets. According to a recent SEC filing, the financial giant reported holding more than $160 million in BlackRock’s iShares Bitcoin Trust (IBIT) as of June 30, a major leap from the $26 million it held at the end of the first quarter.
This bold move reflects a growing trend among major financial institutions that are not just facilitating crypto investments for clients—but are now actively participating themselves.
Sharp Increase in Bitcoin ETF Investments
In addition to its stake in IBIT, Wells Fargo increased its position in the Invesco Galaxy Bitcoin ETF (BTCO) from $2.5 million to nearly $26 million during the second quarter. The bank also reported modest growth in its holdings of Grayscale’s Bitcoin Mini Trust and Grayscale Bitcoin Trust (GBTC).
Wells Fargo’s digital asset portfolio further includes smaller positions in cryptocurrency funds managed by ARK Invest/21Shares, Bitwise, CoinShares/Valkyrie, Fidelity, and VanEck. This diversification signals a strategic approach to gaining broader exposure to the crypto market while balancing risk.
Wall Street’s Growing Embrace of Digital Assets
Momentum for cryptocurrency investments has been steadily rising across Wall Street. Earlier this year, Bloomberg reported that Wells Fargo and Bank of America’s Merrill began offering spot Bitcoin ETFs to brokerage clients upon request. However, the recent SEC filing indicates these banks are doing more than just meeting client demand—they’re also allocating their own capital toward crypto assets.
This shift marks a significant change in attitude from traditional financial institutions, which have historically been cautious—or even critical—of digital currencies. With regulators greenlighting spot Bitcoin ETFs earlier in 2024, the gateway has opened wider for institutional adoption.
