Bank of America Corp.’s Merrill Lynch and Wells Fargo & Co.’s brokerage arms have begun offering access to exchange-traded funds (ETFs) that invest directly in bitcoin, according to Bloomberg Law.
JUST IN: Wells Fargo and Bank of America’s Merrill are offering positions. #Bitcoin ETFs for asset customers 🚀 pic.twitter.com/Lr3oD5XgrR
— Bitcoin Magazine (@BitcoinMagazine) February 29, 2024
These banks’ moves reflect growing investor interest in Bitcoin exposure. Merrill Lynch and Wells Fargo are providing access to approved Bitcoin ETFs upon request to select asset management clients with brokerage accounts, according to individuals familiar with the matter.
This development comes after spot Bitcoin ETFs had a record week in the US yesterday, with BlackRock’s ETFs seeing inflows of $612 million. The decision by Merrill Lynch and Wells Fargo to offer these ETFs shows recognition of the growing demand for Bitcoin investment options among wealthy clients.
By providing access to Bitcoin ETFs, these banks are responding to the evolving investment preferences of customers looking for 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 highlights its integration with traditional finance.