Bitcoin continues to grab the world’s attention and increase its adoption levels, especially through the exchange-traded funds tracking its performance.
In the latest major news on the ETF frontline, Morgan Stanley reportedly informed its financial advisors that they will be able to offer two Bitcoin ETFs to wealthy clients.
Recall that the US Securities and Exchange Commission greenlighted 11 spot Bitcoin ETFs at the start of the year. Since then, the products have collectively amassed just under $18 billion in assets under management from different types of investors, including institutions like pension funds.
Morgan Stanley, a US banking giant that has showcased serious support to the industry in the past several years, is the latest to join the ETF landscape.
According to a CNBC report, the Wall Street behemoth has informed its 15,000 or so financial advisors that they can start offering certain clients the opportunity to invest in two spot Bitcoin ETFs from August 7.
Namely, Morgan Stanley has chosen two of the largest such financial vehicles – BlackRock’s IBIT (with just over $20 billion in AUM) and Fidelity’s FBTC (with close to $10 billion in AUM).
The report reads that Morgan Stanley’s decision came after growing demand from clients who want exposure to the world’s largest cryptocurrency through the SEC-approved ETFs.
Nevertheless, the BTC offerings will be available only to a certain cohort of investors; their net worth has to be north of $1.5 million, they need to have “an aggressive risk tolerance and the desire to make speculative investments.”
It’s worth noting that Morgan Stanley has also allocated funds in Bitcoin ETFs. As reported in May, the bank had invested $269 million in Grayscale’s GBTC.
The post Here’s When Morgan Stanley’s Wealthy Clients Will Have Access to Bitcoin ETFs: Report appeared first on CryptoPotato.