Bank of America Corp's Merrill Lynch and Wells Fargo & Co. Some of the brokerage's wealthy clients will now have access to spot ETFs that invest directly in Bitcoin, the world's largest cryptocurrency.
The move reflects the growing demand and acceptance of Bitcoin ETFs by mainstream financial institutions, as BTC approaches a record high, surpassing $60,000 for the first time in a long time.
Those banks will offer the approved Bitcoin ETFs to select asset management clients with brokerage accounts that demand the products, according to the sources who spoke on condition of anonymity. The sources did not disclose the names or number of ETFs available.
The U.S. Securities and Exchange Commission (SEC) greenlit nearly a dozen Bitcoin ETFs in January after years of industry speculation and numerous rejections. ETFs allow investors to gain exposure to Bitcoin without having to purchase or hold BTC themselves.
Bitcoin ETFs are seen as a way to attract more institutional and retail investors to the crypto space, as well as provide greater liquidity and transparency. However, it also brings risks such as volatility, security breaches and regulatory uncertainty.
*This is not investment advice.