A spokesperson said Bank of America was wrapping up its evaluation of the new offerings that were approved earlier this week by the SEC. The news comes the same day the bank unveiled its fourth quarter of 2023 earnings report.

Spot Bitcoin ETFs like the 11 just approved by the SEC offer significant advantages over the earlier options for financial advisors seeking to access cryptocurrency exposure, according to CFRA's ETF analyst.

The pros and cons of Bitcoin ETFs and how clients can get in on the action.

The decision comes a day after the commission’s X handle was hacked, with someone falsely posting the SEC had approved the funds.

Invesco, Bitwise, Valkyrie and WisdomTree lowered fees in their spot Bitcoin ETF applications.

The race-to-the-bottom on fees is a feature of the highly competitive $8 trillion US ETF industry, where even a couple of basis points of difference can translate into millions of dollars worth of inflows. 

Known as BTC DRs, the offering will give institutions access to Bitcoin securities through US regulated market infrastructure and cleared through the Depository Trust Co.

Fidelity, WisdomTree, BlackRock and JPMorgan Securities have all named Jane Street Capital as their "authorized participant" for a possible spot Bitcoin ETF.