Bank of America’s Merrill and Wells Fargo offer Bitcoin ETF to wealth clients: Report
Bloomberg ETF analyst Eric Balchunas already gave a heads-up to its followers on X about wirehouse platforms adding Bitcoin ETFs to its offerings.
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Bank of America’s Merrill arm and Wells Fargo & Co are offering exchange-traded funds (ETFs) that invest directly in Bitcoin to its wealth management clients, as reported by Bloomberg on Feb. 29.
The report mentions “people familiar with the matter” that revealed the offering of brokerage accounts that request Bitcoin-related products.
Bloomberg’s ETF analyst Eric Balchunas shared on Feb. 28 through an X post that wirehouse platforms are “seriously looking” at adding Bitcoin ETFs to their offerings soon, as Crypto Briefing reported.
“They like to see track record and get paid off but w[ith] grassroots demand like this they gonna have to expedite,” Balchunas added.
Spot Bitcoin ETFs registered a daily trading volume record in the US yesterday, with $7.7 billion traded regionally. BlackRock’s IBIT was responsible for over $2.8 billion in trading volume, while Grayscale’s GBTC surpassed $1.5 billion. James Seyffart, another Bloomberg ETF analyst, pointed out that the previous record was seen on launch day, back on Jan. 15, with $4.6 billion volume.
The rise in trading volume could be related to Bitcoin’s price leap performed on the same day, with the crypto reaching $64,000 before pulling back. At the time of writing, Bitcoin is at $61,959.34, with a 3% spike in the last 24 hours.
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