In Brief:
- The filing doesn’t show any sales having yet been made in connection with funds.
- Both get a percentage of sales through their subsidiaries
American multinational financial services Wells Fargo and JPMorgan investment banks, registered for the Bitcoin funds with the Securities and Exchange Commission.
Wells Fargo filled a “Notice of Exempt offering Securities” known as Form D with SEC. JP Morgan’s offering ties to the issuer of NYDIG, which is based in the Cayman Islands, according to the file.
According to the document, Wells Fargo partnered with NYDIG and FS Investment to offer the Bitcoin fund. The FS Investments and New York Digital Investment Group (NYDIG) worked together on Bitcoin investments funds in the past. Wells Fargo will get an unknown percentage of sales through two of its subsidiaries.
Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network received placement. It will also receive servicing fees for all clients it refers to the fund. JP Morgan Securities LLC will also get the same service.
As of Thursday, August 19, the new fund, FS NYDIG Bitcoin fund, did not have any sales at Wells Fargo.
JP Morgan is also partnering with NYDIG and will also receive a percentage of sales through subsidiaries. At times of the filings, JPMorgan’s Bitcoin fund had not completed any sales.
The last few months have seen some of the leading financial institutions in the United States enter the cryptocurrency space. In the U.S., JP Morgan, Goldman Sachs, and Morgan Stanley started offering their wealthy clients access to crypto in various ways. In May, the bank revealed that the team is preparing to offer its client an actively managed crypto solution.
