- Bank of America’s Merrill Lynch and Wells Fargo have begun offering spot bitcoin exchange-traded funds to eligible wealth management clients, reflecting the growing interest in this asset.
- The accessibility of these ETFs has been reported by Reuters, with clients having access to them for several weeks.
Bank of America’s Merrill Lynch and Wells Fargo are now providing spot bitcoin exchange-traded funds to qualifying wealth management clients, underscoring the increasing appeal of this asset class.
Wells Fargo now offering spot bitcoin ETFs
Wells Fargo announced on Thursday in an email message: “Spot bitcoin ETFs are available for unsolicited purchases through an advisor with Wells Fargo Advisors or through our online WellsTrade platform.”
According to Reuters, Clients have had access to the ETFs for weeks.
Also read: Spot Bitcoin ETFs move investors away from gold, but value remains
Spot Bitcoin ETFs gain favor among investors
Spot bitcoin ETFs provide investors with exposure to the world’s largest cryptocurrency without requiring direct ownership. Following a decade-long regulatory battle with the SEC, 11 of these ETFs were launched and began trading in the United States last month.
Some investors have even switched out their holdings in ETFs backed by gold due to the rising popularity of these kinds of investments.
BofA and Wells Fargo’s actions were initially reported earlier in the day by Bloomberg Law.
On the other hand, Vanguard, the biggest mutual fund provider, stated that it does not intend to allow its brokerage clients to purchase spot bitcoin ETFs on its platform.
