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Merrill Lynch, a financial services company subsidiary of Bank Of America, and the U.S. bank Wells Fargo, began offering selected clients investment in exchange-traded funds (ETFs) of the spot price of bitcoin (BTC).
According to a report by Bloomberg, institutions offer bitcoin ETFs, approved in January of this year, to some wealth management clients who have brokerage accounts and who are applying for these investment products.
With the decision, banks add to the growing demand for bitcoin ETFs from institutional investors, who are looking to gain exposure to BTC.
The offering of the ETFs by Merrill Lynch and Wells Fargo comes in a context in which the price of bitcoin has risen significantly, to the point of approaching its last all-time high and trading.