Bloomberg: UBS and Merrill Lynch Commence Offering Bitcoin ETF
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 increase.
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Merrill Lynch and Bank of America start offering Bitcoin ETF?
Bitcoin ETF|Mainstream institutions are gradually joining
Bitcoin ETF is a “long-term narrative”
Merrill Lynch and Bank of America start offering Bitcoin ETF?
Bloomberg
According to informed sources, Merrill Lynch, a subsidiary of Bank of America, is offering Bitcoin spot ETF to wealth management clients with brokerage accounts.
Specifically, wealth management clients refer to the following users:
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Foundation
Charitable organizations
Family businesses
High-net-worth individuals (HNWI)
Ultra-high-net-worth individuals (UHNW)
Bitcoin ETF|
Mainstream institutions are gradually joining
In fact, Merrill Lynch initially had no plans to offer Bitcoin spot ETF, and the situation of various institutions is as follows:
Bank of America: Available on January 11th
Robinhood: Available on January 11th
UBS: Available on January 12th, limited to wealth management clients
Charles Schwab: Available on January 28th
Morgan Stanley: Under evaluation
A representative from Bank of America confirmed to Bloomberg that they have opened up active purchases for users since the approval of the SEC, whether through Bank of America advisors or the online platform WellsTrade; a representative from Merrill Lynch declined to comment.
Bitcoin ETF is a “long-term narrative”
Steven Lubka, Head of Family Office at Bitcoin financial services company Swan Bitcoin, told foreign media Unchained:
“I think the ETF is more of a mid-term story, as financial advisors and RIAs are doing due diligence. In January, not everyone can invest all their funds on the first day. These banks are developing products, meeting with clients, and discussing whether to include Bitcoin ETF in their portfolios.”
For now, the movements of Vanguard may be more noteworthy, as it not only manages $7.7 trillion in assets but also invented ETFs and holds a negative stance towards Bitcoin and cryptocurrencies.
And now that the CEO of Vanguard is about to retire, there is even more anticipation as to whether Bitcoin ETF may be opened up.
(Vanguard CEO about to retire, will the “no cryptocurrency” investment policy change?)
Bank of America
Bitcoin spot ETF
Merrill Lynch
Further reading
Bitcoin ETF cools down? Net inflows interrupted for 17 consecutive days, ushering in the first net outflow in recent times
Brian Armstrong flexes his muscles: Custodying 90% of BTC ETF assets, Coinbase Wallet to become a super app
