Bitcoin

BlackRock

Morgan Stanley has authorized thousands of its financial advisers to begin soliciting eligible clients for the purchase of spot-Bitcoin exchange-traded funds (ETFs) as early as next week, according to a source familiar with the matter told Bloomberg.
In a memo, the company informed its 15,000 advisers that they can now offer clients the opportunity to invest in either BlackRock Inc.’s iShares Bitcoin Trust (IBIT) or Fidelity’s Wise Origin Bitcoin Fund (FBTC), the source said. Morgan Stanley has not commented on this development, which was first reported by CNBC.
Only clients with a net worth of at least $1.5 million, a high risk tolerance, and an interest in speculative assets are eligible for solicitation, the source added.
This move by Morgan Stanley could encourage other banks, which have been cautious about digital assets, to explore the sector. Since the U.S. Securities and Exchange Commission (SEC) approved spot-Bitcoin ETFs in January, the sector has exceeded expectations in terms of flows and assets.
BlackRock’s IBIT, leading the charge, has accumulated nearly $22 billion in assets since its launch, while Fidelity’s FBTC has gathered $11 billion. Collectively, U.S. Bitcoin ETFs have attracted nearly $18 billion in net inflows since their inception, marking a record-breaking debut for the fund category.
Additionally,<a href="https://www.unlock-bc.com/126156/ethereum-etf-approval-market-excitement-mena/" class="ek-link" rel="noopener noreferrer nofollow"> in July, the SEC approved ETFs holding Ether,</a> the second-largest cryptocurrency after Bitcoin.
The post <a href="https://www.unlock-bc.com/126642/morgan-stanley-allows-advisers-to-offer-spot-bitcoin-etfs-to-wealthy-clients/" rel="noopener noreferrer nofollow">Morgan Stanley Allows Advisers to Offer Spot-Bitcoin ETFs to Wealthy Clients</a> appeared first on <a href="https://www.unlock-bc.com" rel="noopener noreferrer nofollow">UNLOCK Blockchain</a>.

Morgan Stanley Allows Advisers to Offer Spot-Bitcoin ETFs to Wealthy Clients

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