15,000 Morgan Stanley financial advisors will offer their clients exchange-traded funds based on the first cryptocurrency. This is reported by CNBC, citing sources.
We are talking about IBIT from BlackRock and FBTC from Fidelity. The offer will be available to customers with a net worth of $1.5 million from Wednesday, August 7.
Morgan Stanley was the first among the largest Wall Street banks to take such a step, reflecting a new stage in the adoption of bitcoin ETFs. According to CNBC, the reason for the decision was high demand from customers.
The publication noted that in large banks, the approval process for such products takes a long period of approvals and inspections.
Although the SEC approved applications for spot bitcoin ETFs back in January, Morgan Stanley decided to take such a step only in August. In February, the media reported that the bank was conducting due diligence on the instrument.
Recall that in 2021, Morgan Stanley was the first among the major US banks to offer its wealthy clients access to bitcoin funds.
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