Wells Fargo – among the longest-running banking entities throughout the US – has reportedly finalized the registration for a new pooled investment fund, equipping its wealthy customers with direct Bitcoin (BTC) exposure.
Specifically, the submitted application with the SEC from Wells Fargo – dubbed “Notice of Exempt Offering of Securities” and alternatively referred to as Form D – reportedly revealed that the fund goes by the name “FS NYDIG BITCOIN FUND I”, showcasing its incorporation as a limited alliance with investment services firm NYDIG, as well as alternative assets manager FS Investments.
The notice further suggested that Wells Fargo Clearing Services is at the receiving end of placement and servicing fees for every customer it points towards the fund.
It additionally indicated that the fund’s first sale has not taken place yet and that Wells Fargo expects the lifespan of the offering will be exceeding a 1-year threshold.
The New York Digital Investment Group (NYDIG) is reportedly in the possession of Stone Ridge Asset Management, which has been looking to implement a Bitcoin-centric investment strategy via indirect exposure and making direct NYDIG-enabled Bitcoin purchases.
NYDIG has reportedly formed an alliance with JPMorgan Chase – one of the six total crypto funds of the banking giant – to collaborate on a new Bitcoin fund this summer as well, rolling out crypto exposure to customers.
Wells Fargo’s initiative to establish its presence in crypto is reportedly another sign showing the asset class’ increasing popularity across Wall Street, reeling in the participation of Goldman Sachs, BNY Mellon, JPMorgan Chase, and Morgan Stanley.