Morgan Stanley has given thousands of financial advisors the green light to solicit eligible clients to
The company in a memo told its 15,000-strong advisor base they can offer to help some clients buy either BlackRock's iShares Bitcoin Trust or the Fidelity Wise Origin Bitcoin Fund, the person said. Morgan Stanley declined to comment on the approval, which was reported earlier by CNBC.
Only clients who have a net worth of at least $1.5 million, high risk tolerance and the intention to invest in speculative assets can be solicited, the person added.
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Morgan Stanley's decision may pave the way for other banks that have been reluctant to offer digital assets to make a similar offering. Ever since the Securities and Exchange Commission grudgingly approved spot bitcoin ETFs in January, the cohort has all but shattered expectations from flows to assets.
Leading the way is BlackRock's IBIT, which has now amassed nearly $22 billion in assets since its inception. Fidelity's FBTC has garnered $11 billion. The group of U.S. bitcoin ETFs has attracted nearly $18 billion in net inflows since their listing, part of a record-breaking debut for a fund category.
In July, the SEC approved the issuance of ETFs holding ether, the second-largest cryptocurrency after bitcoin.
