Big banks like Bank of America's Merrill Lynch and Wells Fargo now offer some clients access to bitcoin exchange-traded funds, joining other investment platforms like Fidelity, Charles Schwab, Robinhood Markets and UBS.
Bank of America's Merrill Lynch and Wells Fargo, Wells Fargo's wealth management firm, have reportedly begun offering some clients access to bitcoin exchange-traded funds (ETFs).
Big Banks Embrace Bitcoin ETFs
Other investment platforms that offer some clients access to spot bitcoin ETFs include Fidelity, Charles Schwab, Robinhood Markets, and UBS. The investment arm of Bank of America, Merrill Lynch, and Wells Fargo's wealth management unit have begun offering some clients access to SEC-approved spot bitcoin exchange-traded funds (ETFs), Bloomberg reported on Thursday, citing people familiar with the matter.
Clients must have a brokerage account and specifically request a bitcoin ETF A Wells Fargo representative confirmed to the news outlet that the spot bitcoin ETF has been available for unsolicited purchases since being approved by the U.S. Securities and Exchange Commission (SEC), either through Wells Fargo Advisors or the Wellstrade platform online banking.
Bank of America declined to comment. The SEC approved 11 spot bitcoin ETFs on Jan. 10 and most began trading the next day, including Grayscale's bitcoin trust (GBTC) which converted from a trust to an ETF. On Wednesday, 10 spot bitcoin ETFs broke records for inflows and trading volume.
Blackrock's Ishares Bitcoin Trust (IBIT) led the way by breaking its personal record multiple times this week.UBS Group AG is also offering several SEC-approved spot bitcoin ETFs to certain wealth management clients with brokerage accounts on request, according to Bloomberg. Additionally, there are reports that Morgan Stanley is evaluating whether to add a spot bitcoin ETF to its platform.
Recently, Cason Group, an investment platform for financial advisors with $30 billion under management, approved four spot bitcoin ETFs on its platform, meanwhile, Vanguard Group stated in January that its platform would not offer spot bitcoin ETFs.
What do you think about Bank of America and Wells Fargo embracing spot bitcoin ETFs? Do you think all major banks will soon offer spot bitcoin ETFs to all clients? Let us know in the comments section below.
