Bank of America Joins JPMorgan, Citi, Morgan Stanley By Recommending Bitcoin Portfolio Allocation

Core Viewpoint - Bank of America will allow over 15,000 Merrill and Private Bank advisers to recommend four spot Bitcoin ETFs starting January 5, marking a significant shift in its approach to Bitcoin access for wealth clients [1] Group 1: Institutional Bitcoin Access - Bank of America joins the ranks of JPMorgan Chase, Citigroup, and Morgan Stanley in providing institutional Bitcoin access, completing the transition of the Big Four U.S. banks [2] - JPMorgan has expanded its blockchain-linked products, while Citigroup is developing a crypto custody service set to launch by 2026 [3][4] Group 2: Policy Shift and Recommendations - The new policy reverses Bank of America's previous stance from March 2021, which deemed Bitcoin ownership unnecessary unless prices were rising [5] - The Chief Investment Officer (CIO) now recommends a 1% to 4% allocation to digital assets for suitable clients, with guidance and adviser training provided [6] Group 3: Bitcoin ETFs Coverage - Bank of America's CIO has approved four U.S.-listed spot Bitcoin ETFs for coverage starting January 5, which are among the largest and most liquid products in the market [7][8] - The four ETFs include Bitwise Bitcoin ETF, Fidelity Wise Origin Bitcoin Fund, Grayscale Bitcoin Mini Trust, and BlackRock iShares Bitcoin Trust [10]