Morgan Stanley’s 15,000 brokers may soon recommend spot bitcoin exchange-traded funds to clients. This move reflects a potential change in the company’s stance on cryptocurrency.
Morgan Stanley may permit its 15,000 brokers to recommend spot bitcoin exchange-traded funds to clients, citing two senior executive sources with knowledge of the organization’s intentions.Â
According to reports, the company is laying the foundation for solicited purchases by designating risk tolerance, allocation limits, and trading frequency criteria. AdvisorHub stated, however, that senior executive sources could not provide a timeframe for the policy change.
Prominent investment advisory firms, such as Wells Fargo, Merrill Lynch, and Morgan Stanley, initiated the sale of spot bitcoin ETFs in January. However, these offerings were restricted to unsolicited transactions, necessitating customers to initiate contact with their advisors.
According to data from SoSoValue, as of Wednesday, spot bitcoin ETFs that are traded in the United States and are backed by significant financial institutions such as BlackRock, Grayscale, and Ark Invest have accumulated a cumulative net inflow of $12.29 billion and more than $53.6 billion in assets under management.
