Major Wall Street institutions like Wells Fargo, Cantor Fitzgerald, and Jane Street have been making significant moves in the world of Bitcoin investments. These firms have been increasing their holdings in Bitcoin-related assets, including exchange-traded funds (ETFs) and crypto-focused equities like Strategy (formerly known as MicroStrategy).
Wells Fargo, for example, has been actively boosting its exposure to Bitcoin. The bank has expanded its stake in BlackRock’s iShares Bitcoin Trust (IBIT), the largest Bitcoin-focused fund. As of June 30, Wells Fargo held over $160 million worth of IBIT shares, a substantial increase from the previous quarter. In addition to IBIT, the bank also has a modest exposure to Grayscale’s GBTC. Furthermore, Wells Fargo has increased its holdings in Strategy by approximately $143 million, bringing its total exposure to the Bitcoin-focused software firm to $291 million.
Cantor Fitzgerald, led by the children of Commerce Secretary Howard Lutnick, has also been pivoting towards crypto investments. The firm has ramped up its Bitcoin ETF positions to over $250 million. In addition to Bitcoin-related ETFs, Cantor Fitzgerald has significant holdings in crypto-related equities such as Strategy’s MSTR, Coinbase, Robinhood, and Bitcoin miners Riot Platforms and Terawulf, totaling around $2 billion. These moves align with Cantor Fitzgerald’s history of investing in Bitcoin vehicles like Twenty One Capital and its strong ties with Tether, the largest stablecoin issuer.
Jane Street Group, a global proprietary trading firm, has also been actively investing in Bitcoin-related assets. The firm holds $1.46 billion in IBIT shares, making it the largest single portfolio position, surpassing its investment in Tesla. Jane Street has also increased its holdings in Strategy and diversified its digital asset exposure with investments in Coinbase and IREN.
Overall, these Wall Street institutions’ increasing investments in Bitcoin-related assets highlight the growing interest and acceptance of cryptocurrencies in traditional financial circles. With their strategic moves in ETFs and crypto-focused equities, these firms are positioning themselves to benefit from the potential growth and opportunities in the digital asset space.