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Home»ADOPTION NEWS»Morgan Stanley Allows Wealth Advisors to Sell Bitcoin ETFs to Some Clients: CNBC
ADOPTION NEWS

Morgan Stanley Allows Wealth Advisors to Sell Bitcoin ETFs to Some Clients: CNBC

By Crypto FlexsAugust 3, 20243 Mins Read
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Morgan Stanley Allows Wealth Advisors to Sell Bitcoin ETFs to Some Clients: CNBC
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Market • August 2, 2024 10:47 AM EDT

Posted 1 minute earlier In ~

Morgan Stanley has told financial advisors that it will allow them to offer a spot Bitcoin exchange-traded fund (ETF) to some of its clients, CNBC reports.

The move is the first of its kind among major Wall Street banks, according to a report from Morgan Stanley on Aug. 7. Allows financial advisors to recommend eligible clients buy shares of BlackRock’s iShares, two spot bitcoin ETFs. Bitcoin Bitcoin

-4.11%
According to a source familiar with the investment bank’s internal policy decisions, it is Trust and Fidelity’s Wise Origin Bitcoin Fund.

Morgan Stanley responds to client demand

Morgan Stanley made the decision in response to client demand, the report added, according to the sources, who requested anonymity.

However, the source also said that the bank will only allow customers with a net worth of at least $1.5 million to purchase these products. They must also have a strong risk tolerance and an interest in speculative investments. Also, investments in the two spot Bitcoin ETFs are limited to taxable brokerage accounts and are not available for retirement accounts.

The source also noted that Morgan Stanley will monitor the development of its clients’ cryptocurrency holdings to ensure they are not overly exposed to the asset class. The investment bank will closely monitor the progress of the newly approved spot Ethereum ETF, but has not yet committed to providing access to the product.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

About the Author

Brian McGleenon is The Block’s UK-based market correspondent. He has worked as a financial journalist and producer for several news outlets including Fuji Television, The Independent, Yahoo Finance, The Evening Standard and The Daily Express for many years. Brian is also a screenwriter and producer, with one feature film produced by Northern Ireland Screen and one feature film in development. In addition to web3 and cryptocurrency development, he is interested in geopolitics, environmental issues, artificial intelligence and longevity research. Contact him at (email protected).
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