Wells Fargo and JPMorgan have both submitted separate filings to the Securities and Exchange Commission (SEC) on August 19, 2021, for the launch of a passively-managed Bitcoin fund that will offer their wealthy clients exposure to bitcoin (BTC).
Wells Fargo Finally Joins the Bitcoin Movement
After several months in the works, Wells Fargo, the16th-largestlender in the world, has finally launched its Bitcoin fund. Contrary to earlierreports, the new investment vehicle is a passive bitcoin fund designed to offer its wealthy and institutional clients indirect exposure to the digital currency.
As stated in its Form Dfilingwith the U.S. Securities and Exchange Commission (SEC), the 169-year-old bank has inked a partnership deal with New York Digital Investment Group (NYDIG) and FS Investments, a Philadelphia-based asset manager on the offering.
What’s more, Wells Fargo will get an undisclosed percentage from sales of the fund through two of its subsidiaries: Advisors Financial Network and Wells Fargo Clearing Services, though the fund is yet to execute any transaction at press time.
AsreportedbyBTCManageron August 3, JPMorgan partnered with NYDIG for the launch of its private bitcoin fund. The megabank officially registered its bitcoin fund via a Form D Exempt Offering of Securitiesfilingon August 19.
Traditional Banks Seriously Embracing Crypto
Sincethe United States Office of the Comptroller of the Currency (OCC) gave federally chartered banks and financial institutions in the region the go-ahead to offer crypto custodial services, more and more banks have been making inroads into the cryptospace.
While HSBC, one of the world’s largest banks, recentlybarredits clients from purchasing the shares ofMicroStrategy, a publicly-listed company with the largest bitcoin holding globally (over $3 billion), as a sign of its distaste for the revolutionary digital asset, other banks in its class have completely embraced bitcoin despite the lack of regulatory clarity still plaguing the industry.
AsreportedbyBTCManagerin July 2021, America’s oldest lender, Bank of New York Mellon (BNY Mellon), joined forces with State Street Corporation, and four other highly reputed firms to launch a new cryptocurrency exchange called Pure Digital.
In the same vein, on July 14, 2021, BNY Mellonsigneda partnership deal with Grayscale, to enable the former to function as the asset servicing provider for the Grayscale Bitcoin Trust (GBTC).
At press time, the bitcoin (BTC) price is hovering around $47,111, with a market cap of $885.30 billion, according to CoinMarketCap.
Wells Fargo investment bank has filed with the US Securities and Exchange Commission (SEC) for a private Bitcoin fund.
According to seekingalpha.com media outlets, Wells Fargo has registered for a passive Bitcoin fund with the US regulator to provide its wealthiest clients with an indirect vehicle for investing in cryptocurrency.
However, the move contrasts with earlier reports that the bank would offer an actively managed crypto fund. Business Insider reportedly disclosed that Wells Fargo started offering cryptocurrency exposure to its wealthy clients earlier this month. In May, the bank revealed that its team was preparing to offer its clients an actively managed crypto solution.
The SEC’s filing indicates that Wells Fargo has partnered with NYDIG and FS Investments on the Bitcoin offering. Wells Fargo will obtain certain fees when its clients invest in the FS NYIG Bitcoin fund. Both asset manager FS Investments and Financial services firm New York Digital Investment Group (NYDIG) have been working together on Bitcoin investment funds in the past.
As of Thursday, August 19, the new fund, FS NYDIG Bitcoin fund, did not have any sales at Wells Fargo.
Meanwhile, JPMorgan Chase & Co also registered for a passive Bitcoin fund with the US SEC during that same day. The report shows that the bank partnered with NYDIG and will get a percentage of sales through subsidiaries. At the time of the filings, JPMorgan’s Bitcoin fund had not completed any sales.
Bank Clients Interested in Crypto
With the crypto move, Wells Fargo and JPMorgan have joined a rising number of investment banks that have offered crypto investments to clients, including Citigroup, Goldman Sachs, and Morgan Stanley.
The efforts by these major banks to launch access to funds that enable ownership of Bitcoin is a significant step for crypto acceptance as an asset class. This confirms that bank clients demand exposure to cryptocurrency.
Bitcoin’s rally put Wall Street firms under pressure to consider getting involved in the nascent asset class in the past year.
At least for now, major banks are only allowing their wealthy clients access to volatile assets.
This year, Morgan Stanley became the first major US bank to provide its wealthy clients access to Bitcoin funds in March. The bank considers Bitcoin as suitable for people with “an aggressive risk tolerance” who have at least $2 million in assets held by the bank.
With the bitcoin price hitting $45,000 and above, has the next BTC bull run begun?
Last Week In Bitcoin is a new segment covering the week that was in Bitcoin, including all of the important news along with some analysis.
It was the week we’ve been waiting for: We’ve spent most of the last week with the bitcoin price in the $40,000s, briefly seeing bitcoin eye $37,000 on Thursday before starting off its weekend run, which saw it break above $45,000 a few times as many asked themselves: Is this the start of the next bull run?
Timeline of the bitcoin price this week, with corresponding news items listed below.
The News That Drove The Bitcoin Price
This week started off with a bang when finance giant NCR, which operates over 1 million ATMs worldwide, announced that it would acquire bitcoin ATM operator LibertyX (1), aiming to roll out bitcoin ATMs and point-of-sale (POS) systems across the globe. Pretty bullish, right?
Also, on Monday, Wells Fargo, the same bank that banned users from buying cryptocurrencies in 2019, started offering wealthy clients exposure to bitcoin and bitcoin-related investments (2).
Tuesday continued the week’s bullish trend when American fast food chain Quiznos announced it would start accepting bitcoin payments soon (4) and eligible users would receive $15 in bitcoin rewards, paving the way for more businesses across the U.S. to do the same. Despite once boasting over 4,700 outlets across the globe, the fast food chain currently has closer to 1,000 outlets, most of which are likely to start accepting bitcoin, per the news.
Also on Tuesday, Google finally lifted its 2018 crypto ad ban, meaning that companies will now be allowed to buy advertisements across the entirety of Google’s ad network (5). Later in the day, a Bloomberg Intelligence Report indicated that bitcoin was “on track” to hit $100,000 later this year. On Wednesday, Merchant Bank’s founder spoke on Yahoo! Finance calling bitcoin “massive” and a “must-have in your portfolio,” further spreading the bitcoin gospel (6).
Thursday brought some interesting news as well, with reports that JPMorgan would open a bitcoin fund to wealthy investors (7). This would be the same JPMorgan whose CEO, Jamie Dimon, has repeatedly bashed bitcoin over the years, saying bitcoin is a terrible store of value in 2014, saying it would go nowhere in 2016, calling bitcoin a fraud in 2017 and saying that he doesn’t give a sh*t about bitcoin in 2019. Turns out, Bitcoin is undeniable.
But for most of the week, the market was abuzz about the controversial U.S. infrastructure bill proposal, which included a section focusing specifically on regulating the tax payments around cryptocurrencies such as bitcoin. The bill’s author, Senator Rob Portman, admitted during the course of the week that wording in the bill was vague and would need some clarification (3).
The ongoing discussions regarding the section covering bitcoin stalled as the bill was debated, and it appeared that legislators will ultimately make changes in haste or push the bill through without doing so, which could have dire consequences for the U.S. If taxed inappropriately, bitcoin miners will leave the country, users will hide their bitcoin stashes and the U.S. will be set back years.
Overall, the phrase “buy the rumor, sell the news” became more apt by the day. Although the market did not seem very phased by this, if this bill does go through with onerous bitcoin taxing requirements, it may very well act as a catalyst for the start of the next bear market. Of course, that’s just my opinion.
Bitcoin Is Primed For A Pump
This past week was a breath of fresh air for Bitcoin, confirming my constant yammering over the last few months that bitcoin is primed for a pump. I remain firm in my opinion that bitcoin will continue to surge over the next few months and a six-digit price tag isn’t unlikely (even Bloomberg thinks so). There may be another few dips in the weeks or months to come, but we’re on a rocket that will pave the way for the future of finance.
Over a decade ago, just a week after the Bitcoin network went live, pioneer Hal Finney speculated that a single bitcoin could someday be worth $10 million. That’s still at least 20,000% upside, if you’re at all bothered with bitcoin’s pricing in fiat currencies. If you look at bitcoin’s performance over the last decade, then it’s clear as daylight that the next decade will be a spectacle.
I believe the U.S. infrastructure bill is something to keep a close eye on, and not just if you’re based in the U.S. or one of its territories. It will have long-term ramifications for the entire market, if it goes through in its original form — though that may not be likely to happen.
Bitcoin has gone from $0 to an asset with a nearly $1 trillion market capitalization in just over a decade. And that doesn’t include the platforms and services that have been built around bitcoin, its trading or expansion. Media, hardware and software companies, influencers, investors and more have built massive industries around Bitcoin.
Bitcoin isn’t going anywhere anytime soon, this week will just be another green candle in a sea of them…
This is a guest post by Dion Guillaume. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.
Wells Fargo had announced earlier in the year that they planned to offer cryptocurrency investments to clients. Something that was referred to as a “professionally managed” cryptocurrency investment. Now the bank has announced that it will begin offering cryptocurrency exposure to its high net worth clients.
The Wells Fargo Investment Institute had been working on a way for it to be able to best offer its clients an option to invest in cryptocurrency. Following a re-evaluation on the bank’s stance on crypto. “We think the cryptocurrency space has just kind of hit an evolution and maturation of its development that allows it now to be a viable investable asset,” Darrell Cronk told Insider back in May.
Related Reading | Bitcoin To Surpass $120,000 In A Year, Says Pantera CEO
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Cronk, who is the President of Wells Fargo, alluded to the market size of the crypto market making it a good alternative investment for clients. The solution had been in the works for months as the Wells Fargo Investment Institute, which is the investment-research division of Wells Fargo Wealth and Investment Management, devised a way to provide this service to investors.
Getting Clients Exposed To Cryptocurrency
Wells Fargo will only be offering crypto exposure to some clients as part of its wealth management. These clients consist of high-net-worth individuals who want to get more exposure to the market without having to buy into cryptocurrencies themselves.
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Total crypto market cap down following weekend rallying | Source: Crypto Total Market Cap on TradingView.com
Cronk revealed that this comes with “quite a bit of interest” from their clients. And Cronk’s strategy team has published the first-ever research report on cryptocurrencies by the institute.
“There’s a lot of education and informational work that has to be done. It is a complex topic, and while investors have interest, it is important that they understand it for what it is.” – Darrell Cronk, President, Wells Fargo
Banks Getting Into Cryptocurrencies
Wells Fargo is not the first bank to provide cryptocurrency exposure to its clients. Banks have reported that there continues to be increasing demand from clients for a way for them to get involved in digital assets. In fact, Wells Fargo comes behind a couple of big banks that have provided crypto investment options for their clients.
This survey carried out by Goldman Sachs revealed that 50% of the ultra-wealthy want increasing exposure to cryptocurrencies. To which Goldman Sachs has responded by offering clients the option to trade Bitcoin and Ether Options and Futures. Hopefully, other digital assets to be added to the mix.
Related Reading | How Much Is Your Love Worth? Polish Influencer Sells “Love” As NFT
Big bank JP Morgan also ramped up investment in companies with Bitcoin exposure, banking on increasing demand for cryptocurrencies. While this deal between NCR and NYDIG will see customers be able to buy bitcoin across 650 banks.
As consumers demand more ways to get into the market, it is only natural to expect an influx of these types of products to help clients get more exposure to cryptocurrencies.
Featured image from Investor Junkie, chart from TradingView.com
Business Insider reports that wealthy Wells Fargo clients can now get Bitcoin & crypto exposure through the bank.
High-net-worth Wells Fargo clients can now get Bitcoin & crypto exposure, a company spokesperson informed Business Insider, making Wells Fargo the latest in a long line of traditionally conservative financial institutions to venture into Bitcoin.
In May, it was reported that the investment-research division of Wells Fargo Wealth and Investment Management was going to implement an actively managed Bitcoin and crypto strategy to its qualified investors.
The firm’s wealth and investment management arm oversees about $2 trillion in assets, making them among the largest wealth managers in the United States.
According to the research division’s president Darrell Cronk, the firm has been searching for “a professionally managed solution” for months, Business Insider reports. At the same time, Wells Fargo has been publicly wary of Bitcoin and other cryptocurrencies due to their regulatory vagueness.
In May, in an interview with Business Insider, Darrell Cronk commented, “We think the cryptocurrency space has just kind of hit an evolution and maturation of its development that allows it now to be a viable investable asset.”
Cronk went on to allude that the massive market cap of Bitcoin combined with other cryptocurrencies lent them legitimacy in his view.
However, Cronk told Business Insider he views crypto as an “alternative investment” instead of a “strategic allocation”, but one which “can be a nice diversifier to portfolio holdings.”
It is unclear at this time how exactly wealthy clients at Wells Fargo are going to get exposure to Bitcoin, whether it is through outright purchasing Bitcoin or through a second order of price exposure, such as Grayscale Bitcoin.
Wells Fargo’s Bitcoin venture comes just days after traditional banking giant JPMorgan’s CEO said clients “see bitcoin as an asset class and want to invest,” and before them, in March, Morgan Stanley announced that they too would offer clients solutions for owning Bitcoin.
Notably, Wells Fargo’s global-investment-strategy team’s report on the investment rationale for cryptocurrencies is a testament to their understanding of Bitcoin’s supply and scarcity dynamics.
Cronk commented, “Anytime you reduce the supply of anything, even if demand holds constant, it should increase the price. Over time, as people become more familiar with these and as they become more mainstream, I think it will naturally go up.”
Until the SEC approves a Bitcoin ETF, we can expect the actively managed crypto strategy at Wells Fargo to remain limited to qualified investors, namely, “an individual with an annual gross income of more than $200,000 or a net worth of more than $1 million,” according to Business Insider.
On the element of risk to Wells Fargo clients exposed to Bitcoin and other cryptocurrencies:
“There’s a whole element of consumer protections and regulations that have to still evolve with the changing landscape,” Cronk concluded, “we think there can be a viable investable option for those clients who show an interest.”
Major Wall Street bank executives will appear before the United States Senate Banking Committee on Wednesday to discuss the role of their financial institutions in the recovery of the American economy.
Democratic lawmakers plan to grill a number of major bank execs, whose firms saw record profits during the COVID-19 pandemic while average Americans struggled to make ends meet.
In prepared testimonies posted on Tuesday, CEOs at the Bank of America, Citigroup and Wells Fargo described their respective banks’ responses to major challenges such as inequality, diversity, climate change, taxes, as well as how their banks handle cryptocurrencies.
This year saw a record bull run in cryptocurrency markets as major financial institutions opened up to digital assets, adding trading desks and custody wings to handle client interests in major cryptos like Bitcoin (BTC).
In his testimony, Bank of America CEO Brian Moynihan said that the bank is continuing to evaluate the benefits, risks and client demand for crypto-related products and services. “Currently, we do not lend against cryptocurrencies and do not bank companies whose primary business is cryptocurrency or the facilitation of cryptocurrency trading and investment,” he said.
Moynihan said that BofA is also assessing new technologies like distributed ledger technology, which could potentially deliver value to the bank’s customers. However, while BofA holds over 60 blockchain patents, the bank still has “not found a use case at scale,” Moynihan said.
Similarly, Citigroup CEO Jane Fraser also outlined a measured approach to crypto, stating that the bank will need to ensure clear controls and governance before engaging with cryptocurrencies. “Citi is focusing resources and efforts to understand changes in the digital asset space and the use of distributed ledger technology, including demand and interest by our clients, regulatory developments and technology advancements,” Fraser wrote.
Wells Fargo CEO and president Charles Scharf said that the company has been closely following developments around cryptocurrencies. Digital assets “have emerged as alternative investment products though their status as a currency and mechanism of payment remains fluid,” Scharf noted. The exec also mentioned that Wells Fargo is preparing to roll out a pilot for a blockchain-based settlement service within the bank’s global branch network.
The Senate Banking and House Financial Services committees will also hear from the CEOs of JPMorgan, Goldman Sachs, and Morgan Stanley. The latter two introduced limited crypto services earlier this year, while the former is reportedly mulling opening a crypto trading desk.
The fourth-largest bank in the United States is embracing crypto.
Wells Fargo announced this month that it will offer select clients an actively managed cryptocurrency strategy.
In a report titled The Investment Rationale for Cryptocurrencies, the Wells Fargo Investment Institute (WFII) says cryptocurrencies have evolved into a viable investment class.
“WFII believes that crypto-currencies have gained stability and viability as assets, but the risks lead us to favor investment exposure only for qualified investors, and even then through professionally managed funds.”
The bank’s report offers detailed insight into their reasoning, citing more mainstream usage in transactions and the pandemic’s role in “fast-tracking the digital economy.”
The report also mentions the increasingly friendly regulatory waters for banks wishing to custody digital assets for their clients.
“Banks received regulatory permission to custody cryptocurrencies, and the investment industry and regulators took additional steps to extend a legal and oversight framework that should help solidify cryptocurrencies as investable assets.”
Wells Fargo follows the example of several big banks in recent months, including Morgan Stanley, JPMorgan and Bank of New York Mellon Corporation allowing clients hold, transfer and issue digital assets.
News of Wells Fargo’s support for digital assets comes as the crypto market takes a plunge and struggles to reclaim a $2 trillion market cap.
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Banking giant Wells Fargo, has become the latest financial institution in the U.S. to delve into crypto, as the bank is close to onboarding an actively managed crypto strategy for its rich clients.
Wells Fargo’s Wealthy Clients to Gain Crypto Exposure
According toBusiness Insideron Wednesday (May 19, 2021), president of the Wells Fargo Investment Institute, Darrell Cronk, revealed the plans in an exclusive interview. According to Cronk, the division has been developing the strategy for months, which is now in the final stages of development.
The crypto strategy solution from Wells Fargo comes amid the current dip across the cryptocurrency market. Following Tesla’s announcement that it was suspending bitcoin payment, the price of BTC and other crypto assets plummeted, with further price dips causing the market to lose $750 billion.
Although the team at Wells Fargo was initially waring of the emerging technology, the development in the industry caused the Investment Institute to change their minds about crypto. Cronk noted:
“We think the cryptocurrency space has just kind of hit an evolution and maturation of its development that allows it now to be a viable investable asset.”
However, the crypto strategy would not be available for all clients. According to Cronk, cryptocurrency investment comes with risks, and believes that the industry requires due diligence. Cronk buttressed, saying:
“So we are still not suggesting in our work that it is its own dedicated asset class with a strategic allocation to it in every portfolio. For those investors who qualify and have an interest, there is some good academic and money management work to suggest that it can be a nice diversifier to portfolio holdings.”
The crypto investment will be limited to investors with an annual gross income of over $200,000, or has a net worth of over $1 million. Cronk also said that the Wells Fargo Investment Institute is looking to add the crypto strategy to the platform by mid-June.
Wells Fargo joins the list of major U.S. financial institutions to offer crypto-related services. AsreportedbyBTCManagerback in April, banking giant JPMorgan announced that it would soon offer an actively managed bitcoin fund to its private wealthy clients. The bank earlier said it wasconsideringbitcoin and cryptocurrency clearinghouse options.
In February, Bank of New York Mellon, the oldest bank in the U.S., said that it wouldcreatea cryptocurrency custodial service for its clients.
Wells Fargo is the next major banking and financial services provider to join the mix of offering crypto assets. The news comes after last week’s report that Swiss-based institution UBS Group AG was looking to make a similar move.
Wells Fargo’s Change In Perspective
Just a few years ago, Wells Fargo was banning credit card crypto charges. This week, the firm’s wealth and investment division is anticipating the roll-out of an actively managed crypto strategy. The investment offering will be available to qualified customers as early as next month.
The biggest U.S.-based banks continue to adapt with the changing landscape; Goldman Sachs, Citi, Morgan Stanley and others have continued to be in talks of engaging, or actively engaging, in new crypto offerings. Wells Fargo holds nearly $2T worth of assets.
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In the same vein with the aforementioned UBS Group AG announcement, initial investment offerings are anticipated to be available to the firm’s high-value client accounts.
Related Reading | Goldman Sachs Files For An ETF With Option To Invest In Bitcoin
What’s The Word?
In an interview with Business Insider, Wells Fargo Investment Institute Darrell Cronk shared some of the firm’s perspective. Cronk shared that the investment strategy is anticipated to be available around mid-June and has been in the works for months. Cronk added, “we think the cryptocurrency space has just kind of hit an evolution and maturation of its development that allows it now to be a viable investable asset”. Cronk described crypto as an “alternative investment” that required deep due diligence.
The statement comes just six months after company representatives noted that the bank was not recommending crypto to clients because it didn’t have the infrastructure to support the asset in client accounts. Broader crypto success seems to have changed the tune for the company, as Wells Fargo has reportedly been working on a “professionally managed solution” for several months, and is now wrapping up the manager research and due diligence process.
Wells Fargo has warmed up to the idea of having crypto assets as part of a diversified portfolio | Source: BTC-USD on TradingView.com
Looking Forward
Cronk was still wary, however, particularly around customer regulations and protections. “There’s a whole element of consumer protections and regulations that have to still evolve with the changing landscape. So we’re not without risk, it’s just that we think there could be a viable investable option for those clients who show an interest”, Cronk stated. With this line of thinking, Cronk added that the company does not currently see digital assets as their own “asset class with a strategic allocation to it in every portfolio”, but rather for qualified investors to have a “nice diversifier to portfolio holdings”.
Related Reading | Citi Just Realized It Can’t Beat Bitcoin, Considers Joining Instead
Featured image from Pixabay, Charts from TradingView.com
Wells Fargo Investment Institute has given the U.S. bank the green light to invest in cryptocurrencies.
Key strengths of crypto are its low correlation to traditional markets and its supply and demand mechanics, the organization found.
Wells Fargo is one of several major banks to adopt the asset class in recent months.
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Wells Fargo’s investment arm is in the final stages of creating crypto-related products for rich clients.
Crypto Attracting Major Banks
Wells Fargo will start offering crypto products to clients, it was announced Wednesday.
Darrell Cronk, the President of Well Fargo Investment Institute, told Business Insider that the firm is preparing to launch a range of crypto-related products as it now recognized crypto as “a viable investable asset.” According to Cronk, the rising value and range of cryptocurrencies offered across the market are signs of the space’s maturity.
He added that the firm had researched the best solutions to offer reliable and safe investment products to their interested clients for several months. These products, though, will only be offered to wealthier clients. Cronk also said that there had been “quite a bit of interest” in the products already. It’s not yet clear what products will be offered.
Wells Fargo is only the latest in a number of established banks diving into the crypto space in recent months. Prior to today’s announcement, Goldman Sachs, JP Morgan, Morgan Stanley, and BNY Mellon have all made clear moves towards adopting the asset class.
Wells Fargo Investment Institute has also published research on the crypto’s correlation with stocks and commodities. They found that while cryptocurrencies appear to be tied to stocks and commodities on a short-term basis, the link is tenuous on a longer time frame. The long-term determinants for crypto prices are different enough from traditional markets that cryptocurrencies can be an attractive hedging option for any portfolio, they found.
Source: Wells Fargo Investment Institute
The report also points out that the fixed supply of Bitcoin is a key determinant in its long-term value. The supply and demand dynamics should keep its price increasing in the long run, the report found. Speaking of the future price of cryptocurrencies, Cronk said:
“Anytime you reduce the supply of anything, even if demand holds constant, it should increase the price. Over time, as people become more familiar with these [cryptocurrencies] and as they become more mainstream, I think it will naturally go up.”
Disclaimer: The author held ETH, BTC, and several other cryptocurrencies at the time of writing.
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