Bitcoin ETFs Gain Momentum as Major US Brokerages Embrace Spot Investments

Major U.S. brokerages are poised to offer their clients Bitcoin Exchange Traded Funds (ETFs) later this year, a move that could significantly increase institutional access to the cryptocurrency. This comes after several years of limited ETF access at these firms, with only select high-net-worth investors being granted access to Blackrock and Fidelity’s Bitcoin ETFs last August, but those were subject to strict portfolio requirements. Now, Matt Hougan, Director of Investments at Bitwise, predicts that firms like Merrill Lynch, Morgan Stanley, Wells Fargo, and UBS will bring these funds to their clients before year-end, potentially quadrupling institutional access to spot Bitcoin ETFs. While interest in ETFs has been modest so far, the move is expected to trigger a shift in market dynamics.