Bank of America Expands Crypto Offerings to 15,000+ Advisers, Marking a Significant Shift in Traditional Finance
Bank of America has made a significant move in the cryptocurrency space by allowing over 15,000 of its wealth advisers to recommend Bitcoin exchange-traded funds (ETFs) to clients for the first time. This development, confirmed in a statement shared with Yahoo Finance, represents a major integration of Bitcoin products into the banking sector and indicates a growing appetite for digital assets among large U.S. institutions.
Until now, Bank of America’s wealthiest clients could only access Bitcoin ETFs by directly requesting them, leaving advisers unable to initiate any crypto-related recommendations. However, starting January 5, clients of Merrill, Bank of America Private Bank, and Merrill Edge will gain streamlined access to four spot Bitcoin ETFs, including the Bitwise Bitcoin ETF, Fidelity’s Wise Origin Bitcoin Fund, Grayscale’s Bitcoin Mini Trust, and BlackRock’s iShares Bitcoin Trust.
BofA’s New Crypto Access Marks Turning Point Ahead of Potential Stablecoin Launch
Bank of America’s chief investment officer, Chris Hyzy, said clients with an interest in innovation and an understanding of market swings could consider a 1% to 4% allocation to digital assets. He noted that the lower end of the range may be suitable for conservative investors, while those with a higher tolerance for portfolio swings may consider the upper end. Hyzy stressed that the bank’s guidance remains focused on regulated investment vehicles and informed decision-making.
The bank is pairing this access with formal guidance that encourages clients to consider a small crypto allocation. This move reflects rising demand from its client base, with Bank of America holding roughly $2.67 trillion in consolidated assets and operating more than 3,600 branches.
Major Banks Deepen Crypto Push as Vanguard, Goldman, and JPMorgan Expand Services
Beyond investment guidance, several major banks have accelerated their broader crypto plans. Vanguard, after years of hesitation, has begun allowing customers to trade crypto-focused ETFs and mutual funds on its U.S. brokerage platform. Goldman Sachs recently agreed to acquire Innovator Capital Management, adding a set of defined-outcome ETFs, including a Bitcoin-linked product, to its asset-management division.
JPMorgan Chase has ramped up crypto integrations as well, allowing customers to fund Coinbase accounts using Chase credit cards. Meanwhile, regulators in the United States and abroad are shaping the environment in which these institutions will operate. The Office of the Comptroller of the Currency recently confirmed that national banks may hold crypto on their balance sheets for activities such as paying blockchain transaction fees.
A growing shift among younger investors is also influencing this wave of institutional activity. A survey from crypto payments firm Zerohash found that 35% of young, high-earning Americans have already moved money away from advisers who do not offer crypto exposure. More than 80% said their confidence in digital assets increased as major institutions adopted them.
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