Morgan Stanley to Allow Financial Advisors to Offer Bitcoin ETFs to Clients Starting August 7th

Aug 2, 2024, 03:33 PM

Morgan Stanley has announced that it will allow its financial advisors to offer Bitcoin exchange-traded funds (ETFs) to select clients starting August 7th. This move marks the first time a major Wall Street bank has approved Bitcoin ETFs for advisor solicitation. The bank's 15,000 financial advisors will be able to pitch Bitcoin ETFs from BlackRock and Fidelity, specifically the IBIT and FBTC funds. Morgan Stanley's advisors manage approximately $5.7 trillion in client assets, making this a significant step in cryptocurrency adoption among traditional financial institutions. This offering is targeted at wealthy clients, and Morgan Stanley manages $1.3 trillion in assets.