Morgan Stanley wealth advisors can now offer Bitcoin ETFs to eligible clients

From CNBC: 2024-08-02 10:19:43

Morgan Stanley to allow financial advisors to offer Bitcoin ETFs to eligible clients, including BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund. This move signals mainstream finance’s adoption of Bitcoin and follows SEC approval of 11 spot Bitcoin ETFs earlier this year.

Despite market volatility and criticism from finance leaders like Jamie Dimon and Warren Buffett, Bitcoin is gaining acceptance. Major Wall Street banks like Goldman Sachs, JPMorgan, Bank of America, and Wells Fargo are cautious about endorsing Bitcoin ETFs.

Morgan Stanley’s decision to offer Bitcoin ETFs is in response to client demand, but is limited to clients with a net worth of at least $1.5 million and a high risk tolerance. The bank will only allow investments in taxable brokerage accounts, closely monitoring clients’ exposure to the volatile asset class.

In addition to Bitcoin ETFs, Morgan Stanley also offers private funds from Galaxy and FS NYDIG to clients. The bank is considering adding newly approved ether ETFs to its offerings, depending on market development. Stay updated on insights and developments in the crypto space with CNBC PRO.



Read more at CNBC: Morgan Stanley wealth advisors can pitch bitcoin ETFs