According to sources familiar with the banks, Bank of America’s Merrill Bank and Wells Fargo are now offering Bitcoin ETFs to their wealth clients. These ETFs offer clients and investors working with the banks to invest directly in Bitcoin, further showing the cryptocurrency’s growth in acceptance.
The Banks are first offering the approved ETF products to some wealth management clients with brokerage accounts who request the products. The decision comes over a month after Spot Bitcoin ETFs were approved by the Securities and Exchange Commission.
The Spot Bitcoin ETFs have been performing extremely well since launch. During this week, trading volume for all the products combined on the market exceeded $3 billion daily. Other banks are also considering adding the products to their array of offerings, most recently including Morgan Stanley.
These ETFs and their success have also pumped Bitcoin up in value over the course of 2024 thus far. At press time, Bitcoin is trading at just over $65,000. This surge for Bitcoin hasn’t been seen since the crypto climb of 2021. Hence, it makes sense that Wells Fargo and Merrill are looking to get in on the surge of Bitcoin ETFs. More investment of banks in Bitcoin ETFs will only see Bitcoin rise. Thus, the future of cryptocurrency and other coins brightens.
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