Wall Street giant Morgan Stanley’s (MS) advisers will be able to offer bitcoin (BTC) exchange-traded funds (ETFs) to wealthy clients starting Wednesday, according to CNBC.
Morgan Stanley is allowing its 15,000+ financial advisers to sell shares of BlackRock’s IBIT and Fidelity’s FBTC, CNBC reported on Friday, citing people familiar with the matter. Clients will need to have a net worth of at least $1.5 million.
January’s approval of spot bitcoin ETFs in the U.S. brought hopes the investment vehicles would attract the deep pockets of financial institutions to cryptocurrency. However, major companies like Morgan Stanley often have lengthy compliance and review processes to undertake before they approve funds to be offered to their clients.
