Bank of America is taking a significant step toward mainstream crypto adoption by allowing its U.S. wealth advisers to proactively recommend spot Bitcoin exchange-traded funds (ETFs). The move applies across Merrill, the Bank of America Private Bank, and Merrill Edge, shifting Bitcoin exposure from client-initiated requests to adviser-led portfolio discussions.
The bank’s chief investment office (CIO) has approved four U.S.-listed spot Bitcoin ETFs: the Bitwise Bitcoin ETF (BITB), Fidelity Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Mini Trust (BTC), and BlackRock’s iShares Bitcoin Trust (IBIT). These funds are among the largest and most liquid Bitcoin ETFs available, making them easier to support from both operational and regulatory perspectives.
Industry participants note that these ETF issuers have deep experience, strong assets under management, and advanced infrastructure for execution and risk management, which helps explain why they were selected for coverage.
From Client-Led Access to Adviser-Led Bitcoin Allocations
Previously, Bank of America clients could access spot Bitcoin ETFs only if they specifically requested them, limiting advisers to a reactive role. Under the new framework, advisers can now recommend Bitcoin ETFs proactively, supported by CIO research and formal allocation guidance.
The guidance generally frames crypto as a modest allocation—around 1% to 4% of a portfolio—for suitable clients, depending on individual risk tolerance and regulatory considerations. Training materials and research papers are being rolled out so that more than 15,000 advisers across the bank’s wealth platforms can integrate Bitcoin exposure into standard portfolio conversations rather than treating it as a special exception.
This change signals that Bitcoin is being treated less as a fringe asset and more as an emerging component of diversified portfolios for certain investors.
Bitcoin First, With Ether Still an Open Question
For now, Bank of America’s approved list includes only Bitcoin-based products. The bank has not yet indicated whether spot Ether ETFs or other digital asset exchange-traded products will receive similar approval.
Market observers suggest that any expansion beyond Bitcoin will depend on factors such as liquidity, market maturity, and the ability to support institutional-grade execution and risk controls at scale. While large asset managers are already exploring multi-asset crypto ETF structures and other innovations, Bitcoin remains the primary focus within major U.S. wealth platforms.
