Starting Monday, Bank of America is integrating cryptocurrencies into its U.S. wealth management offerings, allowing advisers at Merrill, Bank of America Private Bank, and Merrill Edge to recommend spot Bitcoin exchange-traded funds (ETFs) to a wider range of clients. The bank’s chief investment office (CIO) has approved four major U.S.-listed spot Bitcoin funds for coverage. These include the Bitwise Bitcoin ETF (BITB), Fidelity Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Mini Trust (BTC), and BlackRock’s iShares Bitcoin Trust (IBIT).
These selected ETFs are recognized as some of the largest and most liquid spot Bitcoin products available, making them more operable and manageable from an operational and regulatory risk standpoint compared to smaller or leveraged options. Samar Sen, the APAC head at institutional trading platform Talos, commented that these ETFs stand out due to their strong track record, assets under management, and the sophisticated infrastructure that supports risk management and execution.
Previously, access to these spot Bitcoin ETFs was primarily restricted to eligible wealth clients, limiting advisers to responding to client-led requests for cryptocurrency investments. The recent change allows advisers to proactively recommend these Bitcoin ETFs, bolstered by CIO research that suggests a limited allocation of roughly 1-4% in Bitcoin for appropriate clients based on individual risk profiles and regulatory requirements.
In support of this initiative, the CIO’s research team is rolling out formal guidance and training for advisers across Bank of America’s extensive network of over 15,000 wealth advisers. This will enable them to discuss Bitcoin exposure as a standard component of portfolio management, rather than an exceptional request.
However, the initiative currently focuses exclusively on Bitcoin, and there is no public commitment from Bank of America regarding the inclusion of Ether or other digital asset exchange-traded products in the future. This raises critical questions concerning the next steps in institutional adoption of cryptocurrencies, particularly regarding whether and when spot Ether ETFs may be integrated into major U.S. wealth management platforms.
Sen noted that the potential expansion beyond Bitcoin will likely hinge on several factors, including market liquidity, structural maturity, and the capacity to manage institutional-grade execution and risk controls. He observed that larger asset managers are already exploring innovative approaches, including multi-asset ETF structures that encompass a range of leading cryptocurrencies by market capitalization.
As of the time of publication, Bank of America had not responded to inquiries concerning its plans for Ether products.
