Bitcoin ETFs 'flying off the shelf' for Merrill Lynch and Wells Fargo

BITCOIN exchange-traded funds have been 'flying off the shelf' to eligible wealth management clients of Merrill Lynch and Wells Fargo, sources at the investment companies are reporting.

The Bank of America businesses are understood to have had record investment in spot ETFs over the last seven days, after the Securities and Exchange Commission gave approval to the funds in January.

Massive ETF investment is understood to have underpinned a bullish week in the crypto markets which saw Bitcoin briefly touch $64,100. Today's price is hovering just below $62,000 - a rise of more than $10,000 since last Friday.

"Although both Merrill Lynch and Wells Fargo are keen to explore further the opportunities afforded to investments through Bitcoin exchange-traded funds, I'd say there are some mixed feelings at the top," an insider told The Digital Commonwealth.

"Merrill Lynch's management team appear to be promoting an air of caution around ETFs, but Wells Fargo seem very enthusiastic about moving quickly on this.

"Having said that, the communications we've seen from both management teams would suggest nothing but positivity for the future here."

Bloomberg Law first reported BofA and Wells Fargo's moves earlier in the day.

In contrast, Vanguard — the largest provider of mutual funds — said it has no plans to make spot bitcoin ETFs available on its platform to its brokerage clients.

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