Overview
- Effective Jan. 5, more than 15,000 advisers across Merrill, Bank of America Private Bank, and Merrill Edge can proactively recommend spot Bitcoin ETFs.
- Chief Investment Officer Chris Hyzy recommends a 1% to 4% allocation to digital assets based on client risk tolerance and provides formal guidance and training.
- The platform approved four U.S.-listed spot Bitcoin ETFs for coverage: Bitwise Bitcoin ETF (BITB), Fidelity Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Mini Trust (BTC), and BlackRock iShares Bitcoin Trust (IBIT).
- The policy moves from crypto discussions only upon client request to proactive recommendations and reverses a 2021 research view that questioned owning Bitcoin.
- Bank of America has not committed to adding Ethereum or other digital-asset ETPs, and further expansion is tied to market liquidity and institutional infrastructure, as peers broaden custody and product efforts.