Key Takeaways
- Bitwise CIO Matt Hougan expects Merrill, Morgan Stanley, UBS, and Wells Fargo to open access to Bitcoin ETFs by year-end.
- Despite a slow start in 2025, Hougan projects record ETF inflows due to expanded wirehouse access.
- Over $10 trillion in client assets could be exposed to Bitcoin ETFs as wirehouses move toward full adoption.
Bitwise Chief Investment Officer Matt Hougan predicts that the top four U.S. wirehouses — Merrill Lynch, Morgan Stanley, Wells Fargo, and UBS — will provide full access to Bitcoin ETFs by the end of 2025.
These firms collectively manage more than $10 trillion in client assets.
Current state & rapid changes
Although some firms like Morgan Stanley began limited ETF access last August, broader availability has lagged.
Hougan believes this is changing rapidly.
He told clients:
By and large, these platforms have not yet allowed their advisors to easily access Bitcoin ETFs, but that’s changing fast.
Impact of Bitcoin ETFs on investor access
The inclusion of Bitcoin ETFs across wirehouse platforms could dramatically increase exposure and ease of access for investors, similar to retail product placement in major stores, according to Bloomberg ETF analyst Eric Balchunas.
2025 inflows & market confidence
Despite a slower 2025 start — just over $4 billion in net inflows year-to-date — Hougan remains confident.
In comparison, spot Bitcoin ETFs attracted $11.8 billion by April 30 last year, eventually reaching $35.4 billion for 2024.
Addressing skepticism & institutional adoption
Hougan also addressed lingering skepticism at the National Wirehouse Conference, noting that belief underpins all assets, including gold.
He highlighted that major institutions, hedge funds, and companies — including BlackRock, Tesla, and the Teacher Retirement System of Texas — now hold Bitcoin.
Regulatory improvements & future outlook
Referencing regulatory improvements and new initiatives like the Strategic Bitcoin Reserve, Hougan concluded:
I think a lot of people are going to come to the same conclusion this year.
