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Business News/ News / Bank of America’s Merrill, Wells Fargo Offer Bitcoin ETF Products For Clients

Bank of America’s Merrill, Wells Fargo Offer Bitcoin ETF Products For Clients

Bank of America Corp.’s Merrill arm and Wells Fargo & Co.’s brokerage unit are offering access to ETFs that invest directly in Bitcoin, underscoring the increasing acceptance of the products by mainstream firms.

Bank of America’s Merrill, Wells Fargo Offer Bitcoin ETF Products For Clients

(Bloomberg) -- Bank of America Corp.’s Merrill arm and Wells Fargo & Co.’s brokerage unit are offering access to ETFs that invest directly in Bitcoin, underscoring the increasing acceptance of the products by mainstream firms.

The banks are offering the approved ETFs to some wealth management clients with brokerage accounts who request the products, according to people familiar with the matter, who asked not to be identified discussing private information.

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Read More: Vanguard Spurns Bitcoin ETF Trading While Merrill Evaluates

After years of industry speculation, nearly a dozen Bitcoin ETFs won approval from US regulators in January — with the landmark decision sparking a surge in demand for the vehicles. But even with regulators’ blessing, it’s up to firms whether to offer trading in the Bitcoin-linked products and some may be reluctant to jump into a volatile asset class.

Many are diving in. Bank of America’s Merrill and Wells Fargo join Charles Schwab Corp. and Robinhood Markets Inc., which started offering the spot Bitcoin ETFs shortly after their approval. UBS Group AG is also offering a number of the Bitcoin ETFs to some of its wealth management clients with brokerage accounts on an unsolicited basis, Bloomberg reported in January. Morgan Stanley is evaluating adding spot Bitcoin ETFs to its platform, according to CoinDesk. A representative for Morgan Stanley declined to comment to Bloomberg

Vanguard Group Inc. is among firms holding off, saying in a Jan. 24 blog post that “crypto is more of a speculation than an investment."

Read More: Bitcoin Scales $60,000 as ETF Demand Puts Record High in Sight

A representative for Wells Fargo confirmed spot bitcoin ETFs are available — since their approval by the SEC — for unsolicited purchases, either through Wells Fargo Advisors or the bank’s online WellsTrade platform. A representative for Bank of America declined to comment.

The moves come as Bitcoin continued to rally to the highest price in more than two years. Bitcoin has jumped over 40% already this year atop the successful debut of the ETF products, which directly hold the token. The batch of funds from the likes of BlackRock Inc. and Fidelity Investments went live on Jan. 11, wooing net inflows of about $7.4 billion to date.

More stories like this are available on bloomberg.com

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