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In a landmark move for Wall Street, Morgan Stanley announced today that it will soon allow its financial advisors to offer Bitcoin ETFs to certain clients.
This marks the first example of a major US bank embracing the digital asset class in this way, according to information obtained by CNBC.
Starting Wednesday, Morgan Stanley's 15,000 financial advisors can begin soliciting eligible clients to buy shares in two specialized Bitcoin ETFs: BlackRock's iShares Bitcoin Trust and Fidelity's Wise Origin Bitcoin Fund.
This initiative demonstrates the growing acceptance of Bitcoin in mainstream finance. The U.S. Securities and Exchange Commission's approval of 11 spot Bitcoin ETFs in January was a pivotal moment, introducing an investment vehicle that is more accessible, affordable and easily traded than previous options.
Despite Bitcoin's turbulent history, including major market sell-offs, the collapse of cryptocurrency exchange FTX, and criticism from financial titans like JPMorgan Chase CEO Jamie Dimon and Berkshire Hathaway CEO Warren Buffett, Morgan Stanley stands out where its peers hesitate. Goldman Sachs, JPMorgan, Bank of America, and Wells Fargo currently restrict their advisors from offering BTC ETFs and only allow trades initiated by clients themselves.
Responding to customer demand and evolving market conditions, Morgan Stanley's decision implies a cautious but progressive approach. The bank's internal policy states that only clients with a net worth of at least $1.5 million, a high risk tolerance and a tendency towards speculative investments are eligible to request a BTC ETF. These investments will be limited to taxable brokerage accounts, excluding retirement accounts.
Morgan Stanley will closely monitor clients' crypto holdings to reduce risk and prevent them from becoming overly exposed to this highly volatile asset class. As part of this strategy, the bank phased out the Galaxy and FS NYDIG private funds, which had been in existence since 2021, earlier this year. Currently, only BlackRock and Fidelity's BTC ETFs are approved for requested purchases.
While the bank is monitoring the development of the newly approved ETH ETFs, it has not yet committed to providing access to these products, according to sources familiar with the matter.
*This is not investment advice.