Wells Fargo, JPMorgan partner with NYDIG to launch bitcoin funds
August 19, 2021, 5:43PM EDT
1 min read
A trio of filings with the Securities and Exchange Commission on Thursday reveal that both Wells Fargo and JPMorgan are working with investment services company NYDIG to offer bitcoin investment exposure to their respective client bases.
Two of the notices name J.P. Morgan Securities as the recipient of the shares tied to the bitcoin fund. Another notice names Wells Fargo Clearing Services.
All three will offer "pooled investment fund interests" from private issuers that NYDIG has established to hold bitcoin.
The second J.P. Morgan offering is linked to NYDIG's Cayman Islands-based issuer. In the case of that partnership, the minimum investment accepted from outside investors is $100,000, while the other two filings are U.S.-based and have no quota for outside investment.
In all three cases, the notices indicate that the partnered banks will receive placement and servicing fees for clients it refers to NYDIG. The filings don't show any sales having yet been made in connection with the funds.
NYDIG has $6 billion assets under custody and continues to expand. It announced a variety of new partnerships in Q2 of this year to enable ease of access to Bitcoin in the banking space. Meanwhile, J.P. Morgan has been on a blockchain hiring spree to fill positions in its Onyx unit, and it recently took steps to allow its wealth management clients to invest in crypto funds.