Key Points
(Bloomberg) -- Bank of America Corp.s Merrill arm and Wells Fargo & Co.s brokerage unit are offering access to ETFs that invest directly in Bitcoin, underscoring the increasing acceptance of the products by mainstream firms..
The banks are offering the approved ETFs to some wealth management clients with brokerage accounts who request the products, according to people familiar with the matter, who asked not to be identified discussing private information..
After years of industry speculation, nearly a dozen Bitcoin ETFs won approval from US regulators in January with the landmark decision sparking a surge in demand for the vehicles..
Bank of Americas Merrill and Wells Fargo join Charles Schwab Corp. and Robinhood Markets Inc., which started offering the spot Bitcoin ETFs shortly after their approval..
UBS Group AG is also offering a number of the Bitcoin ETFs to some of its wealth management clients with brokerage accounts on an unsolicited basis, Bloomberg reported in January..
