Wells Fargo Launches Passive Bitcoin Fund for Wealthy Clients

JPMorgan also registered its passive bitcoin fund with U.S. regulators Thursday.

Wells Fargo on Thursday registered a private bitcoin (BTC, -0.51%) fund with U.S. regulators, becoming the latest mega-bank with an indirect crypto investment vehicle for its wealthiest clients.

  • A source familiar with the matter told Reacon 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 Reacon previously reported, it is also a partnership with NYDIG.
  • Wells Fargo did not immediately provide a comment to Reacon.

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