Wells Fargo, a multinational financial services company, in a cooperation with the New York Digital Investment Group (NYDIG) and FS Investments has registered a private bitcoin (EXANTE: Bitcoin) fund with the US Securities and Exchange Commission.
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According to the regulatory filing, Wells Fargo will get a percentage from the fund's sales through two of its subsidiaries: Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network. The so-called FS NYDIG Bitcoin Fund is reportedly passive and has no sales yet.
In December last year, the San Francisco-based company compared investing in bitcoin to living in the early days of the 1850’s gold rush. The financial giant said cryptocurrencies could become investment-worthy one day, however the volatility is yet the main drawback that keeps big players from entering the market.
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