Wells Fargo, JPMorgan, And Neuberger Berman Are Moving Ahead With Their Bitcoin Plans
Investment bank Wells Fargo is now launching a private bitcoin fund and has registered for the same with the US Securities and Exchange Commission (SEC), becoming the latest traditional investor to offer its wealthiest clients an indirect exposure to cryptocurrency.
The new fund, FS NYDIG Bitcoin Fund I, LP, is a passive one that has yet to register any sales.
Competitor JPMorgan has also filed for a passive bitcoin fund with the US regulators on Thursday. This also has been in partnership with NYDIG.
Another giant, Neuberger Berman, gave its $164 million commodities fund the green light to invest up to 5% of its assets in Bitcoin futures and funds, said the $400 billion asset manager this week.
“Effective immediately,” the Commodity Strategy Fund may invest in Bitcoin futures and Canada’s bitcoin exchange-traded funds (ETF), said the regulatory filing. Initially, when it got the go-ahead for crypto exposure through derivative products on August 11, it also included Ether but Friday’s filing “replaces” the original to be Bitcoin only.