Bank of America Greenlights 15,000 Advisers to Push 4% Crypto Allocation
Merrill Lynch and BofA advisers can now actively pitch up to 4% Bitcoin exposure, effective immediately.
Bank of America has authorized its 15,000+ wealth management advisers to proactively recommend Bitcoin allocations, ending a years-long "client-initiated only" restriction. Effective January 5, advisers at Merrill Lynch, BofA Private Bank, and Merrill Edge can pitch a 1% to 4% portfolio allocation to spot Bitcoin ETFs, a move that fundamentally alters the demand structure for the asset class.
Bitcoin (BTC) held steady at $92,400 following the internal policy shift, while the approved ETF vehicles saw volume spikes in early trading.
The Approved List
The bank’s Chief Investment Office (CIO) issued formal coverage for four specific products, bypassing high-fee incumbents in favor of lower-cost or institutional-grade options. The approved tickers are:
- iShares Bitcoin Trust (IBIT)
- Fidelity Wise Origin Bitcoin Fund (FBTC)
- Bitwise Bitcoin ETF (BITB)
- Grayscale Bitcoin Mini Trust (BTC)
Notably, the Grayscale Bitcoin Mini Trust (ticker: BTC) made the cut over its flagship GBTC, likely due to the fee compression wars that dominated late 2025. By selecting these four, BofA has effectively crowned the winners of the ETF liquidity consolidation.
From "Allowed" to "Recommended"
The distinction between "unsolicited" and "advised" is critical. Previously, a Merrill client had to explicitly ask to buy Bitcoin. As of this week, advisers can pitch the asset as a standard diversifier. The guidance outlines a "modest" 1% allocation for conservative portfolios, scaling up to 4% for aggressive risk profiles.
"For investors with a strong interest in thematic innovation and who are comfortable with high volatility, a modest allocation of 1% to 4% in digital assets could be appropriate.". Chris Hyzy, Chief Investment Officer, Merrill and Bank of America Private Bank
Institutional Context
This policy creates a structural bid. With trillions in assets under management (AUM), even a conservative 1% rotation across a fraction of BofA’s client base represents billions in net inflows. The timing aligns with similar moves from Morgan Stanley and Fidelity, solidifying the 2026 consensus: Bitcoin is no longer an exotic bet, but a portfolio staple alongside gold and treasuries.
Market makers are already positioning for the flow. The inclusion of Bitwise (BITB) alongside giants BlackRock and Fidelity validates the firm’s crypto-native approach, potentially forcing other wirehouses to expand their own approved lists beyond the "Big Two" issuers.
