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, based on Bloomberg Regulation.
JUST IN: Wells Fargo and Financial institution of America’s Merrill are providing spot #Bitcoin ETFs to wealth purchasers 🚀 pic.twitter.com/Lr3oD5XgrR
— 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 accepted Bitcoin ETFs to pick out wealth administration purchasers with brokerage accounts upon request, based on people aware of the matter.
This growth comes after spot Bitcoin ETFs had a document 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 growing 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 purchasers, who’re in search of alternatives to diversify their portfolios and capitalize on the expansion potential of Bitcoin. The provision of Bitcoin publicity by way of mainstream monetary establishments like Merrill Lynch and Wells Fargo additional legitimizes the Bitcoin market and underscores its integration into conventional finance.
