A few days ago, Bloomberg reported that Morgan Stanley will enable thousands of its financial advisors to start recommending spot Bitcoin exchange-traded funds (ETFs) to clients in the near future.
The firm has reportedly informed its 15,000 advisors that they can begin offering clients the option to invest in BlackRock Inc.’s iShares Bitcoin Trust (IBIT) or the Fidelity Wise Origin Bitcoin Fund (FBTC). Despite multiple reports, including one by CNBC, Morgan Stanley chose not to comment on the development at the time.
According to new information from multiple sources on X (Twitter), including Poloniex and Cointelegraph, the bank’s financial advisors are officially allowed to offer clients trading in Bitcoin ETFs as of today, a historic first for a major bank.
The new policy restricts offers to clients who meet certain criteria: they must have a net worth of at least $1.5 million, possess a high-risk tolerance, and be interested in speculative investments.
Morgan Stanley’s move may influence other banks that are cautious about entering the digital asset space to reconsider their stance. After the U.S. Securities and Exchange Commission approved several spot Bitcoin ETFs in January, those funds have significantly exceeded expectations in terms of assets and flows.
Commerzbank, one of Germany’s largest financial institutions, is making a significant move into cryptocurrency by offering Bitcoin and Ethereum trading services to its corporate clients.
For the first time in 4 years, Fed cut the rates for the first time in 4 years, which lead to a notable surge in cryptocurrency prices.
Donald Trump, the Republican presidential nominee, made headlines by becoming the first former U.S. president to make a Bitcoin transaction.
Under President Nayib Bukele, El Salvador remains committed to its daily Bitcoin acquisition strategy, currently holding assets worth approximately $354.6 million.