Wells Fargo and JPMorgan Chase have both applied for passive Bitcoin funds for their privileged investors today.
Both funds were registered as passive, although they were expected to be actively managed. Notably, both banks are working together on the offers with NYDIG. As of today, no fresh funds had sold.
The disclosure comes after it was disclosed earlier this month that Wells Fargo's high-net-worth clients were allowed Bitcoin exposure.
In July, JPMorgan Asset & Wealth Management CEO Mary Callahan Erdoes stated that the banking giant's rich clients perceive Bitcoin as an asset class and "want to invest."
Wells Fargo and JPMorgan are the latest in a long line of usually conservative companies to provide indirect Bitcoin investment instruments.
For the program, the US banking institution has collaborated with FS Investments and New York Digital Investment Group (NYDIG).
The product will be known as FS NYDIG Bitcoin Fund I, LP. While prior rumors suggested that Wells Fargo might follow in the footsteps of JPMorgan by creating an actively managed fund, the one registered with the SEC currently appears to be passive.
Back in May of this year, the bank's president, Darrell Cronk, stated in an interview that the institution might be the next Wall Street powerhouse to investigate the digital asset market.
Cronk, on the other hand, did not give any further information on the prospective new product at the time, other than to state that it was in the last stages of development.
Wells Fargo's report with the SEC indicates the rising adoption rate among US financial institutions.
Numerous others have previously led the effort by describing an increase in demand from institutional clients.
Goldman Sachs, a previously vocal critic restarted its crypto trading department and has even applied for a Bitcoin ETF.
The Bank of New York Mellon (BNY Mellon) announced in July that it will sponsor the launch of Pure Digital, a new London-based cryptocurrency exchange that would be the first major Bitcoin trading platform backed by collaboration with significant banks.
At the time, BNY Mellon's Global Head of Foreign Exchange Jason Vitale spoke about the future of Bitcoin at large traditional banks, saying, "Digital assets are only going to become more embedded in global markets in the years ahead, and this collaboration accords with BNY Mellon's broader strategy to develop a digital asset capability for clients across the entire trade life cycle."