Bank of America has approved a framework allowing wealth advisers across its U.S. platforms to proactively recommend certain spot Bitcoin exchange-traded funds.
According to guidance from the bank’s chief investment office (CIO), advisers at Merrill, the Bank of America Private Bank, and Merrill Edge are now permitted to recommend select spot Bitcoin exchange-traded funds.
The approved products include four U.S.-listed spot Bitcoin ETFs: BlackRock’s iShares Bitcoin Trust (IBIT), the Fidelity Wise Origin Bitcoin Fund (FBTC), the Bitwise Bitcoin ETF (BITB), and the Grayscale Bitcoin Mini Trust (BTC).
The CIO approved these products based on factors including asset size, trading liquidity, and operational structure, which the bank considers more manageable from underwriting, compliance, and risk-assessment standpoints than smaller or more complex investment vehicles.
Previously, advisers could facilitate client access to spot Bitcoin ETFs only in response to client-initiated requests and within certain eligibility constraints.
Under the updated policy, advisers may introduce these products during standard portfolio discussions, supported by CIO research that outlines a potential allocation range of approximately 1% to 4% for suitable clients, subject to individual risk profiles and applicable regulatory requirements.
As part of the rollout, Bank of America is providing research materials, formal allocation guidance, and adviser training across its network of more than 15,000 U.S. wealth advisers, with the current approval limited to Bitcoin-focused products.
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