Alternative Investments/Digital: Wells Fargo Offers Bitcoin Fund To Richer Clients

Wells Fargo registered with the SEC to offer a fund for indirect exposure to bitcoin.

A Form D filing by Wells Fargo (NYSE: WFC) with the SEC on Thursday for a fund titled FS NYDIG Bitcoin Fund I, LP, a pooled investment fund, showed the bank is offering its well-heeled clients exposure to bitcoin. (Coin Desk)

The filing declares that Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC will receive certain placement and servicing fees with respect to clients they refer to the fund.

FS NYDIG Bitcoin Fund I, LP is registered as a Limited Partnership. FS Investments and NYDIG are the bank’s partners on the offering.

According to Coin Desk, which quoted a source, the new fund is a passive fund.

Similar fund registered by JP Morgan

Earlier this month news broke that JPMorgan Chase & Co (NYSE: JPM) is floating a similar private and inhouse fund to private banking clients, and the bank had informed its advisers of the offering. Like Wells Fargo, this fund is also a partnership with NYDIG.

JPMorgan’s fund was also registered on Thursday. It is dubbed NYDIG Private Bitcoin Fund LP and JP Morgan Securities LLC is named as a recipient of sales compensation.

Mary Callahan Erdoes, director of asset and wealth management at JPMorgan, had said last month: “A lot of our clients say, ‘That’s an asset class, and I want to invest,’ and our job is to help them put their money where they want to invest.”

Related Story:   JPMorgan Launches In-House Bitcoin Fund For Private Banking Clients

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
FinTech: Lloyds To Acquire Stake In Loyalty App Bink
January 4, 2022     FinTech, News

Lloyds Banking Group (LON: LLOY), Britain’s biggest mortgage provider, will acquire a minority stake in loyalty app Bink, according to a report by Sky News for an undisclosed amount that…
Digital Assets: Coinbase CEO Armstrong Said To Have Splurged $133M On Home In LA
January 4, 2022     Digital Assets, News, Real Estate

An iconic property in Bel Air, Los Angeles, designed by internationally acclaimed English architect John Pawson changed hands last month for $133 million and the buyer was Coinbase (NASDAQ: COIN)…
Alternative Investments/ESG: VegTech Invest Launches Plant-Based Innovation & Climate ETF

VegTech Invest advisory has launched the VegTech Plant-based Innovation & Climate ETF (Ticker: EATV), its first financial product. The ETF offers exposure to publicly traded companies actively innovating with plants…超·世界.png
Venture Capital: Chinese AI Startup Parametrix Raises $100M, Turns Unicorn
January 4, 2022     Artificial Intelligence, News, Venture Capital

Chinese AI company has raised $100 million in a Series B round led by Sequoia China and joined by existing investors 5Y Capital and Gaorong Capital. Though the valuation…