Wells Fargo and Merrill Lynch Now Offer Clients Spot Bitcoin ETFs

Deniz Saat

February 29, 2024 @ 4:56 PM PT

Bloomberg Law reported that Merrill Lynch, a division of Bank of America Corp., and the brokerage arm of Wells Fargo & Co. have started providing access to exchange-traded funds (ETFs) that invest directly in Bitcoin.

The decision by Merrill Lynch and Wells Fargo to offer access to select Bitcoin ETFs to their wealth management clients reflects the rising interest in Bitcoin investments.

These banks are responding to requests from certain clients with brokerage accounts, as noted by sources familiar with the situation.

Investor Fred Krueger stated that the addition of Merrill Lynch expands Bitcoin ETF accessibility to potentially over 2 million accounts and $3 trillion in assets, not including the assets managed by Wells Fargo.

https://twitter.com/dotkrueger/status/1763300686039863744

This move coincides with a surge in the popularity of spot Bitcoin ETFs in the U.S., highlighted by a significant $612 million influx into BlackRock's ETF on February 28th.

Merrill Lynch and Wells Fargo's inclusion of Bitcoin ETFs in their offerings signifies their acknowledgment of the growing appetite for Bitcoin investments among their wealthier clients.

The embrace of Bitcoin ETFs by prominent financial institutions like these banks not only validates the Bitcoin market but also marks its increasing integration into the realm of traditional finance.