Bank of America Corp.’s Merrill Lynch and Wells Fargo & Co.’s brokerage unit have begun offering access to exchange-traded funds (ETFs) that directly invest in Bitcoin, according to Bloomberg Law.
JUST IN: Wells Fargo and Bank of America’s Merrill are offering spot #Bitcoin ETFs to 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 individuals familiar with the matter.
This development comes after spot Bitcoin ETFs had a record setting week in the US, with inflows of BlackRock’s ETF hitting $612 million yesterday. The decision by Merrill Lynch and Wells Fargo to offer these ETFs demonstrates their recognition of the increasing demand for Bitcoin investment options among their affluent clientele.
By providing access to Bitcoin ETFs, these banks are catering to the evolving investment preferences of their clients, who are seeking opportunities to diversify their portfolios and capitalize on the growth potential of Bitcoin. The availability of Bitcoin exposure through mainstream financial institutions like Merrill Lynch and Wells Fargo further legitimizes the Bitcoin market and underscores its integration into traditional finance.