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Wells Fargo Introduces a Passive Bitcoin Fund for High-Net-Worth Clients

Wells Fargo filed a private bitcoin fund with US regulators on Thursday, making it the latest megabank to offer an indirect crypto investment vehicle to its wealthiest customers.

• According to a source familiar with the situation, the new fund will be passive, a departure from previous claims that Wells Fargo will market wealthy investors an actively managed offering.

• According to regulatory records, NYDIG and FS Investments are cooperating with Wells Fargo on the sale; the two have previously collaborated on bitcoin funds. Through two companies, Wells Fargo receives a percentage of sales.

• As of Thursday, no sales had been made in the new FS NYDIG Bitcoin Fund I, LP.

• JPMorgan also registered its passive bitcoin fund with the Securities and Exchange Commission on Thursday. It's also a partnership with NYDIG.

• Wells Fargo did not immediately respond for comment.

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