Bank of America Corp. (NYSE:BAC) on Tuesday began formally recommending a 1% to 4% cryptocurrency allocation for its wealth management clients and said it will launch coverage of multiple Bitcoin (CRYPTO: BTC) ETFs starting January 5.
BoA Ends Adviser Restrictions And Opens The Door To Bitcoin ETFs
The shift marks a major reversal for one of the country’s largest advisory networks.
For years, Bank of America policy barred more than 15,000 Merrill, Private Bank, and Merrill Edge advisers from proactively recommending digital asset products.
The bank only allowed access for clients who explicitly requested exposure, restricting adviser-led adoption.
Beginning January 5, the bank’s chief investment office will provide research coverage on four spot Bitcoin ETFs
These include the Bitwise Bitcoin ETF (NYSE:BITB), the Fidelity Wise Origin Bitcoin Fund (NYSE:FBTC), the Grayscale Bitcoin Mini Trust (NYSE:BTCM), and the BlackRock iShares Bitcoin Trust (NASDAQ:IBIT).
The move aligns Bank of America with peers expanding access to regulated cryptocurrency vehicles.
In a statement cited by multiple outlets, private bank CIO Chris Hyzy said a modest digital asset allocation “may be appropriate” for investors comfortable with higher volatility and thematic innovation.
He said …
Full story available on Benzinga.com