Wells Fargo Opens Spot Bitcoin ETF Trading To Clients
Highlights
- Wells Fargo opens Spot Bitcoin ETF product to customers
- The banking giant is the latest to join the Spot Bitcoin ETF bandwagon
- BlackRock expands spot Bitcoin ETF to Brazil
The spot Bitcoin ETF movement is gaining enormous traction in such a short period and this is attracting more institutional investors into the ecosystem.
Wells Fargo Latest to Join Spot Bitcoin ETF Train
The brokerage unit of popular American banking giant Wells Fargo has started offering its customers access to spot Bitcoin ETFs. Upon request, the service is only available to eligible selected wealth management clients with brokerage accounts. Bank of America Corp.’s Merrill Lynch has also jumped on the wagon, offering its traditional investors exposure to Bitcoin via spot crypto ETF.
Notably, the groundbreaking flows that the nascent niche recorded in the last few weeks has played a part in the growing traction. Just yesterday, BlackRock’s IBIT registered $612 million in inflows. This was after the same spot Bitcoin ETF saw an inflow of $520 million out of the total $577 million inflow recorded by all the Bitcoin ETFs on Tuesday.
On February 28, all the spot Bitcoin ETFs witnessed a net inflow of $673 million. Senior Bloomberg ETF analyst James Seyffart noted that this was the largest inflow that the industry has seen since the U.S. SEC greenlighted the product in January. In terms of trading volume, the spot Bitcoin ETFs are equally performing excellently with BlackRock leading the pack by a large margin.
TradFi Players Recognizing Bitcoin’s Potentials
The latest development from Wells Fargo and Merrill Lynch underscores the growing interest of investors in Bitcoin and the recognition of this demand. It also suggests that these organizations are keen on providing their customers with diversified vehicles for their financial investment portfolio.
By delving into this ecosystem and providing investors access to Bitcoin ETFs, these traditional banks are also keeping pace with the evolving investment preferences of their customers. For Bitcoin which has been growing exponentially in the last few days, this marks a significant milestone.
The growing adoption of Bitcoin and its derivatives is gradually paving a path for the legitimization of the flagship cryptocurrency as well as its integration into traditional finance.
Meanwhile, BlackRock has expanded its spot Bitcoin ETF offering to investors in Brazil. The trading for BlackRock’s IBIT in Brazil will commence as of Friday, March 1, 2024. The Bitcoin ETF will be traded under the ticker IBT39 and will be listed on the Brazilian Stock Exchange – B3. Seeing that BlackRock has achieved this feat, other spot Bitcoin ETF issuers are likely to consider the move.
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