Morgan Stanley to Offer Bitcoin ETFs to Wealthy Clients: CNBC

Morgan Stanley is making the move in response to demands from its clients.
The January approval of bitcoin ETFs raised hopes that they would attract the deep pockets of financial institutions to cryptocurrency.
Large firms often have lengthy compliance and review processes to undertake before they approve funds to be offered to their clients.

Bitcoin's Boring Pattern Is a 'Good Thing': eToro US Analyst

00:59

Bitcoin’s Boring Pattern Is a ‘Good Thing’: eToro US Analyst

Trump-Linked Website Is Selling 'Bitcoin Sneakers;' Tether Reports Record Net Profits This Year

01:52

Trump-Linked Website Is Selling ‘Bitcoin Sneakers;’ Tether Reports Record Net Profits This Year

Bitcoin Whales Added $5.4B in BTC in July: Data

00:55

Bitcoin Whales Added $5.4B in BTC in July: Data

Democrats Need to Be the Party of 'Innovation': Rep. Ro Khanna

16:21

Democrats Need to Be the Party of ‘Innovation’: Rep. Ro Khanna

Wall Street giant Morgan Stanley’s (MS) advisers will be able to offer bitcoin (BTC) exchange-traded funds (ETFs) to wealthy clients starting Wednesday, according to CNBC.

Morgan Stanley is allowing its 15,000+ financial advisers to sell shares of BlackRock’s IBIT and Fidelity’s FBTC, CNBC reported on Friday, citing people familiar with the matter. Clients will need to have a net worth of at least $1.5 million.

January’s approval of spot bitcoin ETFs in the U.S. brought hopes the investment vehicles would attract the deep pockets of financial institutions to cryptocurrency. However, major companies like Morgan Stanley often have lengthy compliance and review processes to undertake before they approve funds to be offered to their clients.

The bank, which holds $1.5 trillion in assets under management (AUM), made the move in response to demand from clients, according to the report.

Morgan Stanley held $269.9 million of Grayscale’s Bitcoin Trust (GBTC) as of March 31, a sign that it may have planned to offer ETFs to clients at some point.

The bank did not immediately respond to CoinDesk’s request for comment.

Edited by Sheldon Reback.

Disclosure

Please note that our

cookies,

and

do not sell my personal information

has been updated

CoinDesk is an

award-winning

media outlet that covers the cryptocurrency industry. Its journalists abide by a

strict set of editorial policies.

In November 2023

, CoinDesk was acquired

by the Bullish group, owner of

Bullish,

a regulated, digital assets exchange. The Bullish group is majority-owned by

Block.one; both companies have

interests

in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.

CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Share this: