- According to Bloomberg, Wells Fargo and Bank of America Merrill plan to offer Bitcoin ETFs to their clients.
- Bitcoin ETFs recently hit record high trading volumes as the price of cryptocurrencies soars.
- According to a report from CoinDesk, Morgan Stanley is another major firm considering offering a spot Bitcoin ETF.
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Bitcoin ETFs are breaking into the mainstream as some major investment firms have started offering them to their clients.
Bank of America’s Merrill and Wells Fargo have begun offering the Spot Bitcoin exchange-traded fund, which was recently approved by the SEC in January, to some wealth management clients, according to people familiar with the matter. bloomberg.
“Spot Bitcoin ETFs can be purchased unilaterally by an advisor at Wells Fargo Advisors or through our online WellsTrade platform,” Wells Fargo spokeswoman Sarah Kerr confirmed.
A spokesperson for Merrill did not immediately respond to Business Insider’s request for comment.
Morgan Stanley also conducts due diligence to offer Bitcoin ETF products. coin desk It was first reported Wednesday.
The acceptance of Bitcoin ETFs by mainstream securities platforms reflects the increasing focus on cryptocurrencies by large corporations as legitimate and accessible investment opportunities, rather than just speculative assets.
Bitcoin ETFs allow individual investors to directly understand the price movements of cryptocurrencies. Buy Bitcoin through less regulated exchanges.
In the weeks since U.S. regulators approved 11 spot Bitcoin ETFs in January, trading volumes for these investment vehicles have hit record highs. On Wednesday, trading volume across the 10 ETFs reached $7.69 billion. Bloomberg’s James Seifert He said it in X.
Bitcoin’s price has also made a comeback recently, briefly topping $63,000 on Wednesday, but remains just shy of its 2021 all-time high near $69,000.
However, not all mainstream brokerages sell cryptocurrencies.
Following the announcement of SEC approval for Bitcoin ETF, Vanguard said in a statement in January that it has no plans to offer products on its platform yet.
“In Vanguard’s view, cryptocurrencies are more speculation than investments,” said Janelle Jackson, Vanguard’s global head of ETF capital markets. January 24th press release. “This is what underlies our decision not to offer crypto products, whether from our own or other companies.”