Bitcoin still not favored? Large brokerages Merrill Lynch, Vanguard do not offer Bitcoin ETF, UBS, Citigroup evaluating

Large multinational banks like UBS and Citigroup are considering opening Bitcoin spot ETF trading to specific clients, while major U.S. brokerages Vanguard, Charles Schwab, and Merrill Lynch have varying attitudes towards it.

UBS and Citigroup Consider Opening User Trading for Bitcoin Spot ETFs

According to a report by CoinDesk, sources claim that UBS Group will allow certain users who meet specific conditions to trade Bitcoin ETFs. The source stated:

Conditions include UBS itself not soliciting trades, and accounts with lower risk tolerance not being able to trade these ETFs.

A UBS spokesperson declined to comment.

A Citigroup spokesperson told CoinDesk that Citigroup is currently evaluating access to Bitcoin ETFs for high-net-worth users from an operational and asset servicing perspective.

Brokerages Vanguard, Charles Schwab, Merrill Lynch Have Mixed Attitudes

Vanguard Group

US investment giant Vanguard stated to CoinDesk on the 12th that Bitcoin does not align with the asset classes they focus on:

On the Vanguard platform, it will not be possible to purchase Bitcoin spot ETFs, and there are no plans to launch a Vanguard Bitcoin ETF or other crypto-related products. This is because Vanguard aims to build balanced, long-term investment portfolios, and crypto-related products do not align with the asset classes Vanguard focuses on.

Vanguard's statement has sparked discontent within the crypto community.

Hey @Vanguard_Group, just so we’re clear, you’re delisting legitimate Bitcoin ETFs because it doesn’t fit “your investment philosophy”

But your fine offering $VWOB which is bonds from China, Saudi Arabia, Qatar and other nations with extensive human rights violations and… pic.twitter.com/3buC7AiiQo

— Adam Cochran (adamscochran.eth) (@adamscochran) January 11, 2024

Charles Schwab

US brokerage Charles Schwab confirmed to CoinDesk that they will allow customers to trade Bitcoin ETFs.

Merrill Lynch

According to FOX Business reporter Eleanor Terrett, Merrill Lynch is taking a wait-and-see approach to Bitcoin ETFs. After evaluating the trading situation, they will decide whether to change their internal policy of uniformly rejecting such products.

🚨SCOOP: @MerrillLynch also currently not allowing their customers access to the $BTC Spot ETFs. According to a source who received guidance from the company earlier this week, Merrill is waiting to see whether the ETFs trade efficiently before making any decisions to change… https://t.co/Fu810vdWn1

— Eleanor Terrett (@EleanorTerrett) January 11, 2024

Robinhood Lists 11 Bitcoin ETFs

On the 11th, Robinhood specially released a announcement, stating that all 11 Bitcoin spot ETFs are tradable in retirement and brokerage accounts.

Robinhood Crypto's General Manager, Johann Kerbrat, stated that Robinhood believes cryptocurrencies are the future of the financial framework and emphasized that users can also trade Bitcoin at lower prices on the Robinhood Crypto platform.