Wells Fargo just registered a private account with U.S. regulators

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Wells Fargo just registered a private account with U.S. regulators

Bitcoin is trading 5% higher on Friday the morning after hitched $47,000 (the day after setting a record) on a back of strong consumer demand.

Bitcoin has hit a 24 - hour high of $47,359 and is now posting a 62.2% Year-to-date return, CoinDesk data shows.

The price was around $46,800 per coin, while rivals were trading around $3,200 and 31 cents an at coins, respectively.

Wells Fargo reportedly registered a private Bitcoin account with U.S. regulators on Thursday. Wells Fargo is the latest mega-bank with indirect cash investment vehicles for its wealthiest clients.

A source told CoinDesk that the fund is passive, which is a change from earlier reports that wealthy investors would be pitched with an active offering.

The firms NYDIG and FS Investments are partnering with Wells Fargo on the offering, according to regulatory documents.

JPMorgan's passive bitcoin fund was also filed on Thursday with the Securities and Exchange Commission.

Wells Fargo has not immediately responded in CoinDesk.

In other cryptocurrency news, Coinbase will be purchasing more than $500 million in virtual currency to add to its holdings, Facebook's CEO and co-founder Brian Armstrong tweeted on Thursday.

The company started trading public in April, using a direct listing and earlier this month, according to Coindesk.

According to a report Wednesday from The Wall Street Journal, Coinbase has overstocked a cash pool of $4.4 billion to ensure it can continue growing despite potential business risks such as regulatory crackdowns, cyberattacks and declines in trading volume.