With the strong performance of Bitcoin spot ETF, mainstream traditional financial institutions that have not yet joined seem to be shaking, and the acceptance of cryptocurrency products continues to increase.
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Bank of America and Bank of America begin to offer Bitcoin ETF?
Bitcoin ETF| Mainstream institutions are gradually getting on board
Bitcoin ETF is a “long-term narrative”
Bank of America and Bank of America begin to offer Bitcoin ETF?
Bloomberg
According to informed sources, Bank of America and Merrill Lynch, a subsidiary of Bank of America, are providing Bitcoin spot ETFs to wealth management clients with brokerage accounts.
Specifically, wealth management clients refer to the following users:
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Foundation
Charitable organizations
Family businesses
High-net-worth individuals (HNWI)
Ultra-high-net-worth individuals (UHNW)
Bitcoin ETF|
Mainstream institutions are gradually getting on board
In fact, Merrill Lynch did not initially plan to provide Bitcoin spot ETFs, and the situation of various institutions is as follows:
Bank of America: offered on January 11th
Robinhood: offered on January 11th
UBS: offered on January 12th, limited to wealth management clients
Charles Schwab: offered on January 28th
Morgan Stanley: under evaluation
Bank of America representatives confirmed to Bloomberg that they have been allowing users to actively purchase after SEC approval, whether through Bank of America advisors or the online platform WellsTrade; Merrill Lynch representatives declined to comment.
Bitcoin ETF is a “long-term narrative”
Steven Lubka, Director of Family Office at Swan Bitcoin, a Bitcoin financial services company, told foreign media Unchained:
“I think ETF is more of a mid-term story because financial advisors and RIAs are doing due diligence. In January, not everyone can invest all their funds on the first day. These banks are developing products, meeting with clients, and discussing whether Bitcoin ETF can be included in their portfolios.”
For now, Vanguard’s movements may be more noteworthy. It not only manages $7.7 trillion in assets but is also the creator of ETFs and holds an opposing stance on Bitcoin and cryptocurrency.
With Vanguard’s CEO retiring, there is even more anticipation in various circles as to whether Bitcoin ETF may be opened up.
(Vanguard’s CEO is retiring, will the “no cryptocurrency” investment policy change?)
Bank of America
Bitcoin spot ETF
Merrill Lynch
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