Morgan Stanley has authorized thousands of its financial advisers to offer spot Bitcoin exchange-traded funds (ETF). Eligible clients will start getting recommendations from their advisers starting next week according to Bloomberg.
The company informed its 15,000 advisers via a memo that they could present two ETF funds to certain clients. BlackRock Inc.’s iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC)
Only clients with a net worth of at least $1.5 million, a high-risk tolerance, and an interest in speculative assets can be approached, the insider added.
Morgan Stanley’s decision may lead other cautious banks to consider the digital assets sector. Since the US Securities and Exchange Commission approved spot Bitcoin ETFs in January, these funds have exceeded expectations.
See Related: Morgan Stanley Discloses $270M Spot Bitcoin ETF Holdings
Morgan Stanley’s Major Bitcoin ETF Holdings
Last March 31, Morgan Stanley revealed significant investments in Bitcoin exchange-traded funds (ETFs). The company holds nearly $270 million worth of Grayscale’s Bitcoin Trust.
The disclosure underscores the bank’s substantial allocation to Bitcoin-related assets, likely on behalf of its clients, and reflects the growing interest in cryptocurrency among institutional investors.
This trend is not unique to Morgan Stanley; other major banks such as JPMorgan, Wells Fargo, and UBS also reported holdings in spot Bitcoin ETFs during the first quarter.