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"Too good to be true? Bloomberg: JPMorgan Chase, Merrill Lynch to start offering Bitcoin ETFs"

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"Too good to be true? Bloomberg: JPMorgan Chase, Merrill Lynch to start offering Bitcoin ETFs"

With the strong performance of Bitcoin spot ETF, mainstream traditional financial institutions that have not yet joined seem to be wavering, and the acceptance of cryptocurrency products continues to rise.

Bank of America's Merrill Lynch, Wells Fargo to Start Offering Bitcoin ETFs?

Bloomberg cited sources familiar with the matter, stating that Wells Fargo and Merrill Lynch, a subsidiary of Bank of America, are offering Bitcoin spot ETFs to wealth management clients with brokerage accounts.

Specifically, wealth management clients refer to the following users:

  • Foundations

  • Charitable organizations

  • Family businesses

  • High Net Worth Individuals (HNWI)

  • Ultra High Net Worth Individuals (UHNWI)

Bitcoin ETFs | Mainstream Institutions Joining the Bandwagon

In fact, Merrill Lynch initially had no plans to offer Bitcoin spot ETFs. The situation with various institutions is as follows:

A representative from Wells Fargo confirmed to Bloomberg that they have allowed users to actively purchase post-SEC approval, whether through Wells Fargo advisors or the online platform WellsTrade; a Merrill Lynch representative declined to comment.

Bitcoin ETFs: A "Long-Term Narrative"

Steven Lubka, Head of Family Office at Bitcoin financial services company Swan Bitcoin, told Unchained:

I think the ETF is more of a mid-term story because financial advisors and RIAs are conducting due diligence. In January, not everyone can put all their money in on day one. These banks are developing products, meeting with clients, and discussing whether Bitcoin ETFs can be included in their portfolios.

Currently, the moves of Vanguard, a pioneer managing $7.7 trillion in assets and the inventor of ETFs, are perhaps more intriguing as they have taken a stance against Bitcoin and cryptocurrencies.

With the impending retirement of Vanguard's CEO, there is heightened anticipation as to whether Bitcoin ETFs might be opened up.

Will the retirement of Vanguard's CEO lead to a change in their "no cryptocurrency" investment policy?