Two major US financial institutions, Wells Fargo and Bank of America are set to introduce Bitcoin ETFs following the surge of price of the cryptocurrency recently.
The US Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs to be listed on national securities exchanges in January and have already proved to be a success, with the world’s largest cryptocurrency reaching high’s it has not seen since the peak years of 2021.
Now, Bloomberg revealed that Bank of America’s Merrill Lynch and Wells Fargo will offer the crypto ETF to its clients with brokerage accounts after the success of the initial January launch, according to sources close to the matter.
Since its arrival on US-listed exchanges, Bitcoin’s price has surpassed $60,000 for the first time since November 2021, with some of the largest asset management firms, such as BlackRock and Grayscale, opening their own ETFs.
Morgan Stanley is also reportedly interested in introducing its own Bitcoin ETF and has been mulling over the idea of introducing it to its user base.
However, there has been opposition against the ETFs, from Vanguard and Citi Bank in particular, with the former recently stating it will continue on its stance against Bitcoin as it does not ‘align with its investment philosophy’.
The more accessible and secure approach to Bitcoin by the ETFs has enabled the cryptocurrency to reach a new high since late 2021. The boom comes after Bitcoin endured a significant down period in 2022 and 2023 due to market decline.
Over the last week, Bitcoin’s price surged by over 18% and, more impressively, increased by 161% from the same day a year prior when its price sat at just $20,150, according to CoinMarketCap.
