Following the decision made at the start of August, Morgan Stanley advisors are officially set to begin offering Spot Bitcoin ETFs to their clients starting today. The $1.3 trillion asset manager is set to offer the crypto ETf to select clients of more than 15,000 financial advisors.
The development is a notable first for the firm. Moreover, it is yet another important sign of the increased prevalence of BTC investment products. The select clients will be able to gain exposure to BlackRock’s iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC).
Also Read: Marathon Digital Increased Bitcoin Holdings by $124M in July
Morgan Stanley’s 15,000 Advisors to Begin Offering Bitcoin ETFs Today
Despite the crypto market crash that took place Monday, 2024 is still a major year for Bitcoin. The leading cryptocurrency was the first in the asset class to gain ETF approval. Moreover, it has only increased in prominence throughout the year. In March, it reached an all-time high price of $73,000.
That performance has only increased demand. Now, $1.3 trillion asset manager Morgan Stanley is leaning into that, as its financial advisors are set to offer Bitcoin ETFs to select clients starting today. Specifically, the ETF will only be pitched to clients that have a net with of at least $1.5 million. The move should be a vital one for the market, and BTC.
Also Read: BlackRock’s Bitcoin ETF Trading Volume Hits $1.55B in First Hour
The decision was “in response to demand from clients and in an attempt to follow an evolving marketplace,” the bank told CNBC. Additionally, it shows a shift in perspective. With banks weary of the asset class, its success has led to confidence.
Morgan Stanley is one of many who have turned to embrace Bitcoin. However, there are still cautious banks in the US. Goldman Sachs, JPMorgan, Bank of America, and Wells Fargo all prohibit advisors from pitching BTC ETFs. Yet, that is likely to change with increased demand.