Bank of America has taken one of its biggest steps into digital assets, officially allowing more than 15,000 wealth advisers to recommend Bitcoin exchange-traded funds (ETFs) to clients. The update, confirmed in a statement shared with Yahoo Finance, marks one of the strongest signs yet that major U.S. banks are embracing regulated crypto exposure.
Bank of America Expands Regulated Crypto Access
Until now, the bank’s wealth clients could access Bitcoin ETFs only by specifically requesting them. Advisers were not allowed to proactively recommend crypto products.
Starting January 5, clients across Merrill, Bank of America Private Bank, and Merrill Edge will receive streamlined access to four spot Bitcoin ETFs:
Bitwise Bitcoin ETF
Fidelity Wise Origin Bitcoin Fund
Grayscale Bitcoin Mini Trust
BlackRock iShares Bitcoin Trust
Bank of America is pairing this with new investment guidance that encourages interested clients to consider a 1%–4% crypto allocation depending on their risk tolerance.
New Allocation Guidance for Investors
Chris Hyzy, Bank of America’s chief investment officer, said a 1% allocation may suit conservative investors, while those comfortable with market swings may consider up to 4%.
He emphasized that the bank’s focus remains on regulated, transparent investment vehicles and informed decision-making.
With over $2.67 trillion in assets and more than 3,600 branches, Bank of America says the shift reflects rising client demand as digital assets move deeper into mainstream finance.
Major U.S. Banks Increasing Their Crypto Exposure
Bank of America’s move comes as other major financial institutions expand their crypto services:
Morgan Stanley recently suggested a 2%–4% crypto allocation.
BlackRock recommended 1%–2%, comparing Bitcoin’s risk profile to Apple, Amazon, and Nvidia.
Fidelity advised 2%–5% for clients seeking growth while managing downside risk.
Additionally, Bank of America CEO Brian Moynihan said in June that the bank has completed much of the groundwork for a potential stablecoin, pending regulatory approval.
Vanguard, Goldman Sachs, and JPMorgan Join the Push
Several major U.S. banks are accelerating their crypto initiatives:
Vanguard now allows U.S. customers to trade crypto-focused ETFs and mutual funds.
Goldman Sachs acquired Innovator Capital Management, adding a Bitcoin-linked product to its ETF lineup.
JPMorgan enabled customers to fund Coinbase accounts using Chase credit cards.
Regulators are also opening new doors. The Office of the Comptroller of the Currency (OCC) recently confirmed that national banks may hold crypto on their balance sheets for activities such as paying blockchain transaction fees.
Younger Investors Are Driving Demand
A study from crypto payments firm Zerohash found that:
35% of young, high-earning Americans have moved money away from advisers who do not offer crypto access.
80%+ said their confidence in digital assets grew as major institutions adopted them.
Many want exposure to a broader range of assets beyond just Bitcoin and Ethereum.
