Financial services firm Morgan Stanley is reportedly approving wealth advisors to offer Bitcoin (BTC) exchange-traded funds (ETFs) to wealthy clients.
According to a new one report by CNBC A major Wall Street bank is giving its wealth advisors the green light to pitch BTC ETFs to its clients for the first time.
Anonymous sources familiar with the matter said Morgan Stanley’s team of 15,000 wealth advisors could start approaching BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund from Wednesday.
BTC ETFs were approved by the US Securities and Exchange Commission (SEC) in January, bringing billions of dollars in inflows into the top crypto assets so far, as measured by market capitalization.
The report says that according to a spokesperson for Goldman Sachs, JPMorgan, Bank of America and Wells Fargo, the companies still prohibit their financial advisors from recommending BTC ETFs to clients and would only allow trades if the client pursued the product.
However, Morgan Stanley will only offer clients with a net worth of at least $1.5 million and the willingness to take speculative investment risks.
Additionally, the report notes that the bank is monitoring Ethereum (ETH)-based ETFs but has not committed to providing access to them.
Earlier this year, new SEC filings revealed that Morgan Stanley owned more than $269 million worth of Grayscale’s spot market BTC ETF.
Bitcoin is trading at $63,460 at the time of writing, down marginally over the past 24 hours.
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