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Wells Fargo Launches Passive Bitcoin Fund for Wealthy Clients
JPMorgan also registered its passive bitcoin fund with U.S. regulators Thursday.
By Danny Nelson
Updated Sep 14, 2021, 1:42 p.m. Published Aug 19, 2021, 2:19 p.m.
Wells Fargo on Thursday registered a private bitcoin fund with U.S. regulators, becoming the latest mega-bank with an indirect crypto investment vehicle for its wealthiest clients.
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- A source familiar with the matter told CoinDesk the new fund is passive, a break from earlier reports that Wells Fargo would pitch wealthy investors with an actively managed offering.
- NYDIG and FS Investments are partnering with Wells Fargo on the offering, according to regulatory documents; the pair have worked together on bitcoin funds before. Wells Fargo gets a cut of sales through two subsidiaries.
- The new fund, FS NYDIG Bitcoin Fund I, LP, did not have any sales as of Thursday.
- JPMorgan's passive bitcoin fund was also filed with the Securities and Exchange Commission Thursday. As CoinDesk previously reported, it is also a partnership with NYDIG.
- Wells Fargo did not immediately provide a comment to CoinDesk.
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