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BofA Includes Bitcoin Trust in Broader Ban on Investments

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Gross, Yellen, Stiglitz, Gartman on Bitcoin

Bank of America Corp.’s Merrill Lynch told employees last month not to offer clients Grayscale’s Bitcoin Investment Trust, one of the few financial instruments directly holding the digital coin, as the brokerage broadly eschews the virtual currency.

The firm -- already known to be refraining from offering bitcoin futures contracts -- told financial advisers not to pitch the fund or execute new client requests to buy into it, according to an excerpt of a Dec. 8 internal memo. The bank is willing to maintain existing positions in brokerage accounts, but not in fee-based advisory accounts.