Two major financial services companies, JPMorgan and Wells Fargo launching bitcoin funds, according to the filings with the U.S. Securities and Exchange Commission (SEC).
JPMorgan’s Bitcoin Fund
NYDIG is a bitcoin technology and financial providers subsidiary of Stone Ridge, a $10 billion different asset supervisor.
In line with the submitting, JPMorgan Securities LLC “will receive sure placement and servicing fees with respect to purchasers it refers back to the issuer.” The issuer is “NYDIG Private Bitcoin Fund LP.”
In addition to this fund, JPMorgan is providing 5 different crypto investments to its clients. Four of them are Grayscale Investments’ merchandise: the Bitcoin Trust, Bitcoin Money Trust, Ethereum Trust, and Ethereum Basic Trust. The fifth is Osprey Funds’ Bitcoin Belief.
In the meantime, JPMorgan CEO Jamie Dimon has maintained his anti-bitcoin stance. He has publicly advised people to “keep away” from cryptocurrency.
Wells Fargo’s Bitcoin Fund
On the same day, NYDIG additionally registered with the SEC a bitcoin fund in collaboration with American monetary providers firm Wells Fargo. The issuer is “FS NYDIG Bitcoin Fund I, LP.”
The filing states that Wells Fargo Clearing Companies LLC and Wells Fargo Advisors Financial Network LLC “will obtain sure placement and servicing charges with respect to purchasers they discuss with the issuer.”
Earlier this month, a spokesperson for Wells Fargo reportedly confirmed that the corporate has begun providing cryptocurrency publicity to its wealth administration clients.
Nevertheless, each of the filings for JPMorgan’s bitcoin fund and Wells Fargo’s bitcoin fund state that the primary sale has but to happen.