Bank of America will allow wealth advisers to recommend Bitcoin from Monday
Bank of America will enable advisers across Merrill and its private bank to recommend four spot Bitcoin ETFs, expanding beyond client-led access.
Bank of America is from Monday making crypto a more routine part of its US wealth business, enabling advisers across Merrill, the Bank of America Private Bank and Merrill Edge to recommend spot Bitcoin exchange-traded funds (ETFs) to a broader range of clients.
Bank of America’s chief investment office (CIO) has approved four US-listed spot Bitcoin funds for coverage: Bitwise Bitcoin ETF (BITB), Fidelity Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Mini Trust (BTC) and BlackRock’s iShares Bitcoin Trust (IBIT).
These four ETFs are among the largest and most liquid spot Bitcoin (BTC) products on the market, which makes them easier for the bank to underwrite from an operational and regulatory risk perspective than smaller, more complex or leveraged vehicles.
