The brokerage unit of Bank of America Corp. Merrill Lynch and Wells Fargo & Co. have begun offering access to exchange-traded funds (ETFs) that invest directly in bitcoin, according to Bloomberg Law.
JUST IN: Both Wells Fargo and Bank of America's Merrill are offering a spot #Bitcoin ETFs for Wealth Clients 🚀 pic.twitter.com/Lr3oD5XgrR
— Bitcoin Magazine (@BitcoinMagazine) February 29, 2024
The move by these banks reflects the growing interest among investors in getting exposure to Bitcoin. Merrill Lynch and Wells Fargo are offering access to approved Bitcoin exchange-traded funds to select wealth management clients with brokerage accounts upon request, according to individuals familiar with the matter.
The development comes after spot Bitcoin ETFs had a record week in the US, with inflows from BlackRock's ETFs reaching $612 million yesterday. The decision of Merrill Lynch and Wells Fargo to offer these ETFs demonstrates their recognition of the growing demand for Bitcoin investment options among their wealthy clients.
By providing access to Bitcoin ETFs, these banks cater to the evolving investment preferences of their clients, who are looking for opportunities to diversify their portfolios and capitalize on the growth potential of Bitcoin. The availability of exposure to Bitcoin through major financial institutions such as Merrill Lynch and Wells Fargo increases the legitimacy of the Bitcoin market and underscores its integration into traditional finance.
