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2024.08.02 16:07
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Wall Street's first! Morgan Stanley allows advisors to promote Bitcoin ETF

Morgan Stanley announced on Friday that it will be the first among major Wall Street banks to allow its approximately 15,000 financial advisors to recommend Bitcoin ETFs to eligible clients. Starting from August 7th, they will be able to promote BlackRock's iShares Bitcoin Trust ETF and Fidelity's Wise Origin Bitcoin Fund

Morgan Stanley informs wealth advisors that they can be the first to try Bitcoin ETFs for Wall Street's major companies.

On Friday, August 2nd, global wealth management giant Morgan Stanley announced that it will allow its approximately 15,000 financial advisors to recommend Bitcoin exchange-traded funds (ETFs) to eligible clients starting next Wednesday (August 7th), marking a first among major banks on Wall Street.

In January of this year, the U.S. Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs, signaling a further lowering of the threshold for Bitcoin investment tools, providing investors with a more convenient and cost-effective investment avenue. Despite facing market volatility, exchange collapses, and criticism from heavyweight figures in the financial industry, Bitcoin's resilience has been validated by the market.

However, Morgan Stanley is cautious in promoting Bitcoin ETFs, opening them only to clients with a net worth of at least $1.5 million, high risk tolerance, and speculative investment willingness. These investments are limited to taxable brokerage accounts and do not involve retirement accounts.

According to sources, Morgan Stanley's move is in response to client demand and an attempt to keep up with the evolving digital asset market. Currently, Morgan Stanley has approved only BlackRock's iShares Bitcoin Trust and Fidelity's Wise Origin Bitcoin Fund.

At the same time, the bank will monitor clients' cryptocurrency holdings to ensure they do not have excessive exposure to this highly volatile asset class.

In contrast to Morgan Stanley's open stance, other major banks such as Goldman Sachs, JPMorgan Chase, Bank of America, and Wells Fargo remain cautious about Bitcoin ETFs and only provide related trading services upon client request.

Morgan Stanley is closely monitoring the development of the newly approved Ethereum ETF market but has not yet decided whether to open these investment products to clients