Wells Fargo holds Bitcoin spot ETF investments, SEC filings show
Share this article
Wells Fargo, the third-largest US bank by asset size, has disclosed its investments in various Bitcoin ETFs through its latest SEC filings. The bank’s holdings include the Grayscale Bitcoin Trust (GBTC), Bitcoin Depot Inc., and the ProShares Bitcoin Strategy ETF (BITO), signifying a growing acceptance of crypto among traditional financial institutions.
Speaking of acceptance, Colombian President Gustavo Petro faces allegations of accepting over $500,000 worth of tokens from a scam crypto project to finance his 2022 campaign. A former contractor for the token project claims that the illicit donation was discussed during a February 2022 meeting between the project’s co-founder and Petro’s then-campaign manager.
On the macro side, a CoinGecko report shows that one out of five cryptos in the Top 300 by market cap has the majority of their supply locked, with impending token unlocks expected to exert additional pressure on the crypto market. Meme coins like Pepe (PEPE) and dogwifhat (WIF) comprise a significant portion of the fully diluted cryptos launched in recent years, underscoring the growing narrative of meme coins in the crypto market.
Today’s Newsletter
- Wells Fargo holds Bitcoin spot ETF investments, SEC filings show
- Colombian President allegedly accepted $500,000 in illicit crypto donation for 2022 campaign
- 20% of top 300 cryptos have majority of their supply locked: CoinGecko
Markets
|
Data powered by CoinGecko.
|
Top Stories
BITCOIN
Wells Fargo holds Bitcoin spot ETF investments, SEC filings show
The SEC filings reveal that Wells Fargo’s investments in Bitcoin ETFs span across various products, including GBTC, Bitcoin Depot, and BITO. The bank’s exposure to these ETFs ranges from $99 in Bitcoin Depot to $141,817 in GBTC, showcasing its diversified approach to investing in the cryptocurrency market.
As one of the world’s largest financial institutions, Wells Fargo’s move into Bitcoin ETFs is a significant step towards mainstream adoption of cryptocurrencies. The bank’s investments demonstrate its recognition of the potential benefits and risks associated with the emerging asset class and its commitment to providing clients with exposure to the rapidly evolving crypto market. [cryptobriefing]
REGULATION
Colombian President allegedly accepted $500,000 in illicit crypto donation for 2022 campaign
The alleged meeting between Daily COP co-founder Sebastián Betancourt and Petro’s then-campaign manager Ricardo Roa reportedly involved discussions about the advantages of cryptocurrencies and the potential for forming a joint venture or alliance with the government. Hernández, who claims to have been present at the meeting, provided details about the alleged illicit donation and the topics discussed.
This latest allegation adds to the growing list of controversies surrounding President Petro’s 2022 campaign financing. The ongoing investigation by Colombia’s attorney general’s office into the allegedly illicit financing of Petro’s campaign underscores the severity of the accusations and the potential political ramifications for the Colombian leader. [theblock]
MARKETS
20% of top 300 cryptos have majority of their supply locked: CoinGecko
The report highlights that 54 out of 64 low float large-cap cryptos have been launched since 2021, indicating a trend of newer projects entering the market with a majority of their supply locked. As these projects gradually release more tokens into circulation, the crypto market may face additional pressure from the increased supply.
The rise of meme coins like Pepe (PEPE) and dogwifhat (WIF) among the fully diluted cryptos launched in recent years showcases the growing popularity and influence of these often community-driven projects. The report’s findings emphasize the diverse range of token distribution stages within the crypto market and the potential impact of upcoming token unlocks on market dynamics. [cryptobriefing]
Other News
Binance, KuCoin win registration from India AML regulator as crypto credibility improves. [coindesk]
Next Week’s Token Unlocks
- ARB has a scheduled unlock of $94M, with a 3.5% increase in supply, further expanding its $2.7B market cap.
- IMX is set to unlock $56M, amounting to a 1.7% supply increase, in the context of its $3.2B market cap.
- APT is expecting a significant unlock of $97M, marking a 2.6% supply increase against its $3.7B market cap
- RNDR will have a smaller unlock of $8M, which is a 0.2% increase in supply, impacting its $4.2B market cap.
- DYDX prepares for an unlock of $4.5M, representing a 0.8% increase in supply, within its $566M market cap.
- AEVO anticipates an unlock of $1B, a substantial 758% increase in supply, considering its $133M market cap.
- CYBER is planning an unlock of $7M, leading to a 4.1% increase in supply, amidst its $169M market cap.
- APE is poised for an unlock of $19M, a 2.4% rise in supply, within its $784M market cap.
Vince & Diego
Share this article
