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.
- 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.
- Wells Fargo did not immediately provide a comment to CoinDesk.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.