Wells Fargo starts passive bitcoin fund for its wealthy clients - CoinDesk

Wells Fargo (WFC -1.4%) registers with U.S. regulators for a private bitcoin fund, making it the latest megabank to offer its wealthiest clients an indirect vehicle for investing in cryptocurrency, CoinDesk reports, citing a person familiar with the new fund. The new bitcoin (BTC-USD) fund will be a passive one, the person said. That contrasts with earlier reports that the bank would provide an actively managed fund. Wells Fargo (NYSE:WFC) will work with NYDIG and FS Investments on the offering, according to a regulatory filing. Wells Fargo will receive certain fees when its clients invest in FS NYDIG Bitcoin Fund I. Bitcoin is trading at ~$45.3K in mid-morning Thursday (New York time). Last month (July 23), CoinDesk reported that Goldman Sachs is offering crypto ETPs in Europe to meet client interest