Morgan Stanley has announced plans to offer Bitcoin ETFs to its selected clients based on certain criteria. This decision, reported by CNBC on Friday, marks a significant milestone as Morgan Stanley becomes the first among major Wall Street banks to take this step.

Morgan Stanley’s Bitcoin ETF Announcement

Morgan Stanley has made a groundbreaking announcement, becoming the first major Wall Street bank to allow its financial advisors to offer bitcoin ETFs to select clients. Starting Wednesday, the firm’s 15,000-strong team of financial advisors will have the ability to solicit eligible clients for the purchase of shares in two exchange-traded bitcoin funds, BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund.

This decision follows the U.S. Securities and Exchange Commission’s approval of 11 spot bitcoin ETFs in January, marking a significant milestone in the mainstream adoption of cryptocurrency investments. Morgan Stanley’s move is a response to growing client demand and reflects the bank’s efforts to adapt to the evolving digital asset marketplace.

However, the bank is proceeding with caution. Strict eligibility criteria have been set for clients interested in these bitcoin ETFs. To qualify, clients must have a net worth of at least $1.5 million, demonstrate an aggressive risk tolerance, and express a desire to make speculative investments. Furthermore, these investments will only be available for taxable brokerage accounts, not retirement accounts.

Also Read: Bitcoin Nears $65K As US Job Data Teases Fed Dovish Stance

The post Morgan Stanley To Offer Bitcoin ETF To Qualified Clients: Report appeared first on CoinGape.

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Filed under: News - @ August 2, 2024 3:14 pm