Financial institution of America Corp.’s Merrill Lynch and Wells Fargo & Co.’s brokerage unit have begun providing entry to exchange-traded funds (ETFs) that straight spend money on Bitcoin, in line with Bloomberg Legislation.
JUST IN: Wells Fargo and Financial institution of America’s Merrill are providing spot #Bitcoin ETFs to wealth shoppers
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— Bitcoin Journal (@BitcoinMagazine) February 29, 2024
The transfer by these banks displays the rising curiosity amongst buyers in gaining publicity to Bitcoin. Merrill Lynch and Wells Fargo are offering entry to authorized Bitcoin ETFs to pick out wealth administration shoppers with brokerage accounts upon request, in line with people accustomed to the matter.
This growth comes after spot Bitcoin ETFs had a file setting week within the US, with inflows of BlackRock’s ETF hitting $612 million yesterday. The choice by Merrill Lynch and Wells Fargo to supply these ETFs demonstrates their recognition of the rising demand for Bitcoin funding choices amongst their prosperous clientele.
By offering entry to Bitcoin ETFs, these banks are catering to the evolving funding preferences of their shoppers, who’re searching for alternatives to diversify their portfolios and capitalize on the expansion potential of Bitcoin. The supply of Bitcoin publicity by means of mainstream monetary establishments like Merrill Lynch and Wells Fargo additional legitimizes the Bitcoin market and underscores its integration into conventional finance.
