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: India’s PayTM Gets Heat From Proxy Advisory Firm
August 12, 2022     FinTech, News

Proxy advisory firm Institutional Investor Advisory Services India Ltd. (IiAS) has issued a note ahead of PayTM’s (NSE: PAYTM) annual shareholders’ meeting on August 19 calling for the replacement of…
Venture Capital: Lockheed’s Venture Arm To Boost Investment In Space Startups
August 12, 2022     News, Venture Capital

Lockheed Martin (NYSE: LMT) and its venture finance arm Lockheed Martin Ventures plans to boost the latter’s investment outlay from $200 million to $400 million.
Digital Assets: Brazilian Fintech PicPay Launches Crypto Exchange With Paxos

PicPay, the well-known Brazilian payment app, has got its shoe in the crypto door in partnership with Paxos, a leading regulated blockchain infrastructure company. Picpay is opening crypto trading services…
FinTech: Telecom Behemoth BT Adds Barclaycard Payments To Partnership Network For Micro-Businesses
August 12, 2022     FinTech, News

BT (LON: BT.A), the telecom major, announced that Barclaycard Payments had joined its partnership network seeking to help the growth of UK microbusinesses. BT customers with 0-5 employees would get…