Morgan Stanley to Offer Bitcoin ETFs to Clients

Fifteen thousand financial advisors at Morgan Stanley will offer exchange-traded funds based on the leading cryptocurrency to their clients, according to CNBC, citing sources.

The funds in question are IBIT from BlackRock and FBTC from Fidelity. The offering will be available to clients with a net worth of at least $1.5 million starting Wednesday, August 7.

Morgan Stanley is the first among the major Wall Street banks to take this step, marking a new phase in the acceptance of Bitcoin ETFs. According to CNBC, the decision was driven by high client demand.

The publication noted that in large banks, the approval process for such products involves lengthy negotiations and checks.

Although the SEC approved applications for spot Bitcoin ETFs back in January, Morgan Stanley only decided to proceed in August. In February, media reported that the bank was conducting due diligence regarding the instrument.

Back in 2021, Morgan Stanley was the first among major US banks to offer its wealthy clients access to Bitcoin funds.