Morgan Stanley informed its roughly 15,000 advisors Friday that they will be able to offer bitcoin ETFs to select clients starting next week, a move meant to respond to client demand.
The advisors will be allowed to pitch BlackRock's iShares Bitcoin Trust and Fidelity's Wise Origin Bitcoin Fund to clients with at least a $1.5 million net worth and a risk tolerance suitable for speculative investments, starting Aug. 7.
The move makes Morgan Stanley the first wirehouse firm to adopt such a policy, according to CNBC, which first reported the news.
Eligible Morgan Stanley clients will be able to invest in the bitcoin funds in their taxable Morgan Stanley brokerage accounts but not using retirement funds. The wirehouse also plans to keep tabs on client holdings to make sure they don't become over-exposed to the bitcoin funds.
Crypto supporters hailed the news on X, formerly Twitter.
"Fun Fact: Morgan Stanley's advisors manage $5.7 TRILLION in client assets. And next week, their 15,000 advisors can solicit eligible clients BlackRock and Fidelity's #Bitcoin ETFs
," Bitcoin Magazine posted.
