Bank of America Unleashes 15,000 Advisers to Push Bitcoin ETFs

Bank of America has officially ended its "request-only" era for crypto. Starting today, the bank’s 15,000+ wealth advisers are authorized to proactively recommend Bitcoin allocations to clients, a move that fundamentally alters the demand dynamics for the asset class.

Internal guidelines now permit advisers across Merrill Lynch, Bank of America Private Bank, and Merrill Edge to suggest a 1% to 4% portfolio allocation to digital assets. This directive removes the previous "reverse inquiry" restriction, where advisers remained silent unless a client specifically asked to buy.

The Institutional Pipe Widens

The policy change effectively activates a massive distribution network for spot Bitcoin ETFs. Advisers can now solicit investment into four specific funds:

• BlackRock’s iShares Bitcoin Trust (IBIT)
• Fidelity’s Wise Origin Bitcoin Fund (FBTC)
• Bitwise Bitcoin ETF (BITB)
• Grayscale’s Bitcoin Mini Trust (BTC)

By capping recommendations at 4%, Bank of America is framing Bitcoin as a diversification tool rather than a speculative bet. Chris Hyzy, Chief Investment Officer at Merrill and Bank of America Private Bank, framed the shift as a necessary evolution for modern portfolios.

"For investors with a strong interest in thematic innovation and comfort with elevated volatility, a modest allocation of 1% to 4% in digital assets could be appropriate," Hyzy noted in the guidance distributed to advisers.

Market Impact & Context

This pivot follows similar moves by Morgan Stanley, which opened access to its advisers late last year. However, Bank of America’s sheer scale, managing over $3.4 trillion in client assets, makes this a critical liquidity event. The market has been waiting for wirehouses to fully operationalize crypto access since the initial ETF approvals.

For Bitcoin, which has seen volatility since its October 2025 highs of $126,000, the entry of proactive adviser flows provides a structural bid. The 1% to 4% guardrails suggest institutional capital will enter methodically, likely dampening downside volatility rather than triggering an immediate vertical rally.

Competitors are now on the clock. With two of the largest wirehouses formally recommending allocations, pressure mounts on remaining holdouts like Vanguard to revisit their exclusion policies or risk client attrition.