Wealth management giants, Bank of America’s Merrill and Wells Fargo, are offering the approved ETFs to some wealth management clients with brokerage accounts who request the products, Bloomberg reported, citing people familiar with the matter.
“Spot bitcoin ETFs are available for unsolicited purchases through an advisor with Wells Fargo Advisors or through our online WellsTrade platform.” Wells Fargo said.
The ETFs have been available to clients for weeks, a source familiar with Bank of America’s plans told.
After years of struggle with the SEC, 11 spot bitcoin ETFs started trading in the United States last month. Such ETFs offer investors exposure to the world’s largest cryptocurrency without directly holding it.
The ETFs have opened up the asset class to new investors and reignited the excitement that had evaporated when prices collapsed in the “crypto winter” of 2022.
The growing popularity of such investments has even prompted some investors to swap out holdings in gold-backed ETFs. Bitcoin is often touted as the “digital gold”.