In yet another milestone for crypto’s move into mainstream finance, Morgan Stanley has reportedly told financial advisors that they will soon be allowed to offer bitcoin ETFs to some wealth management clients.
Starting on August 7, Morgan Stanley’s financial advisors can solicit eligible clients to purchase shares of two Bitcoin exchange-traded funds (ETF) – BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund – according to a «CNBC» report citing unnamed sources.
Solicitation of the bitcoin ETFs will only be suitable for clients with a minimum net worth of $1.5 million, aggressive risk tolerance and the desire to make speculative investments.
In the second quarter of 2024, Morgan Stanley reported that it had around $2.2 trillion in fee-based client assets.
Widening Floodgates
The US has seen a series of milestones achieved with regard to crypto-related developments this year. After the Securities and Exchange Commission authorized bitcoin ETFs in January, it followed up with ether ETF approvals in July.
Morgan Stanley’s move marks the first among major Wall Street banks with rivals like Goldman Sachs and J.P. Morgan only allowing reverse inquiries by clients and not solicitation by advisors.
