Bank of America Corp.'s Merrill Lynch and Wells Fargo & Co.'s brokerage unit have begun offering access to exchange-traded funds (ETFs) that invest directly in bitcoin, according to bitcoin-etfs-to-wealth-clients”>Bloomberg Law.
JUST IN: Wells Fargo and Bank of America's Merrill offer a place bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF 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 gaining exposure to bitcoin. Merrill Lynch and Wells Fargo are providing access to approved bitcoin ETFs to select wealth management clients with brokerage accounts upon request, according to people familiar with the matter.
This development comes after bitcoin spot ETFs had a record week in the US, with BlackRock ETF inflows reaching $612 million yesterday. Merrill Lynch and Wells Fargo's decision to offer these ETFs demonstrates their recognition of the growing demand for bitcoin investment options among their wealthy clientele.
By providing access to bitcoin ETFs, these banks cater to the changing investment preferences of their clients, who are seeking opportunities to diversify their portfolios and capitalize on bitcoin's growth potential. The availability of bitcoin exposure through mainstream financial institutions such as Merrill Lynch and Wells Fargo further legitimizes the bitcoin market and underlines its integration into traditional finance.
