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Morgan Stanley is set to authorize its wealth managers to offer Bitcoin ETFs from BlackRock and Fidelity to clients starting August 7, marking a significant shift in cryptocurrency investment.
According to a CNBC story, the largest wealth manager in the US, Morgan Stanely, will soon authorize its 15,000 financial advisors to begin offering Bitcoin ETFs to clients.
Morgan Stanley's Bold Step into Crypto
Wealth managers at Morgan Stanley will be able to recommend two bitcoin exchange-traded funds (ETFs) to qualified clients beginning August 7, per CNBC. These funds include the iShares Bitcoin Trust (IBIT) by BlackRock and the Wise Origin Bitcoin Fund (FBTC) by Fidelity. Ether ETFs and other spot crypto ETFs have not yet received approval.
Morgan Stanley's approval marks a watershed moment for the cryptocurrency industry. Large financial advice businesses, or wirehouses, have been slow to adopt spot cryptocurrency exchange-traded funds (ETFs) until recently. Notable names like Morgan Stanley are among them, as are Wells Fargo, Bank of America, and JPMorgan Chase.
Cointelegraph elaborates that the cryptocurrency market has failed to expand beyond its core, despite skyrocketing values. Spot crypto ETFs received about $60 billion in 2024, with the majority of the money coming from regular investors and hedge funds that are native to the cryptocurrency market.
Expert Opinions on Crypto ETF Adoption
The threshold for accepting new financial products is high, and wirehouses oversee trillions of dollars. Crypto ETFs' director of digital assets product for asset VanEck, Kyle DaCruz, told Cointelegraph that this market segment is "a game changer" for the industry.
Morgan Stanley stands tall among wirehouses. About $3.75 trillion, including $1 trillion in customer accounts that are managed independently, are under the supervision of its advisory network. On behalf of its clients, Morgan Stanley oversees a portfolio of $6.2 trillion, as reported on financialplanning.com.
Two blue chips among bitcoin exchange-traded funds are IBIT (BlackRock) and FBTC (Fidelity). Roxanna Islam, head of sector and industry research at VettaFi—a fund researcher—told Cointelegraph that they are witnessing uptake among both wirehouses like Morgan Stanley and independent financial planners.
Widespread Impact of Crypto ETF Adoption
Advisors may pour a flood of capital into spot Bitcoin exchange-traded funds (ETFs), according to Matthew Sigel, head of digital assets research at VanEck, who spoke with Cointelegraph before the platform's further adoption.
