Leading US bank Wells Fargo registered a private investment fund focused on BTC with regulators on Thursday. A rival JPMorgan subsequently took a similar step on the same day.
The Wells Fargo Private BTC Fund will be available only to the bank’s solvent clients and will be of a passive nature, which means that it will not have actively managed management by Wells Fargo.
The fund will be mediated by the companies NYDIG and FS Investments, which allegedly collaborated with Wells Vargo on the bank’s previous BTC-related initiatives.
In addition to Wells Fargo, another large US bank took a similar step on Thursday JP Morgan, which also filed with the US Securities and Exchange Commission (SEC) information on the creation of a passive BTC fund for solvent clients. Like Wells Fargo, it will be part of a partnership with the company NYDIG which will manage these investments.
Today, Wells Fargo and JPMorgan have both filed for new passive #BTC funds for their wealthy clients — making a 180 ° from their initial negative views of #BTChttps://t.co/1EGVGvMuGo pic.twitter.com/jmyibctiaH
– Documenting BTC 📄 (@DocumentingBTC) August 19, 2021
“Today, both Wells Fargo and JP Morgan have filled out applications for their passive BTC funds for solvent clients – a turn of 180 degrees from their negative views of BTC (from the past).” commented on a novelty confirming that the banking sector has long since perceived BTC as a fraud, the popular Twitter channel Documenting BTC.
