Morgan Stanley May Soon Allow Brokers to Pitch Bitcoin ETFs to Customers: Report

Morgan Stanley is considering enabling its 15,000 brokers to suggest Bitcoin ETFs to their clients based on recent news from AdvisorHub.

A major player on Wall Street started allowing customers to buy bitcoin ETFs following this year’s approval. This action was taken without being asked for. Now, the bank intends to enable its brokers to promote bitcoin ETFs to their clients directly. (Source: Report)

The decision to introduce this new move underscores the growing interest in crypto ETFs and may draw even more investments. These ETFs enable investors to enjoy the rewards of Bitcoin investment without actually handling the cryptocurrency directly.

The Morgan Stanley executive expressed caution and a desire for inclusive access during an interview with AdvisorHub: “We’ll handle it carefully…ensuring that everyone has the opportunity to benefit from it.”

In January, eleven proposed bitcoin spot exchange-traded funds (ETFs) received the green light from the Securities and Exchange Commission (SEC). Among the approved applicants were financial giants such as BlackRock (BK), Fidelity, and Invesco (IVZ), along with other notable firms.

Recently approved investments flooded large sums of money into the funds and, in turn, boosted bitcoin. Yet, these investments have been decreasing significantly as of late. Notably, BlackRock’s Bitcoin ETF experienced no daily inflows for the first time on Wednesday based on Farside’s data.

If Morgan Stanley permits its brokers to suggest bitcoin ETFs, it could potentially reinvigorate the funds’ popularity.

Morgan Stanley did not immediately respond to CoinDesk’s request for comment.