Banking giants Bank of America is partnering with Merrill Lynch and Wells Fargo to offer Bitcoin Spot ETF to their clients

Merrill Lynch and Wells Fargo, which are associated with BofA, will reportedly provide their clients with access to the Bitcoin Spot ETF, according to the latest news.

Merrill Lynch and Wells Fargo & Co., which are subsidiaries of Bank of America Corp., are offering spot exchange-traded funds (ETFs) that invest directly in Bitcoin, the biggest cryptocurrency in the world, to a select group of their wealthy clients.

As BTC reaches a record high, topping $60,000 for the first time in a long time, the rise underscores the rising demand and acceptance of Bitcoin ETFs by conventional financial institutions.

The anonymous sources said that these banks would sell the Bitcoin ETFs to certain asset management customers who have brokerage accounts and want the products. The sources lacked information on the specific ETFs or their quantities.

After years of industry speculation and many refusals, the U.S. Securities and Exchange Commission (SEC) finally approved over a dozen Bitcoin ETFs in January. Investors may get exposure to Bitcoin via exchange-traded funds (ETFs) without actually owning any Bitcoin.

Many believe that Bitcoin ETFs will increase transparency and liquidity in the cryptocurrency market, which will in turn entice more institutional and individual investors. Volatility, security breaches, and unclear regulations are some of the risks that come with it.

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