Morgan Stanley: First Wall Street Bank Authorizing Bitcoin Spot ETF Purchases
CryptoNewsTerminal Staff02 Aug, 2024
Morgan Stanley: First Wall Street Bank Authorizing Bitcoin Spot ETF Purchases
Morgan Stanley has made history as the first Wall Street bank to grant its financial advisors permission to recommend Bitcoin spot exchange-traded funds (ETFs) to their clients. This decision, effective August 7th, empowers Morgan Stanley's 15,000 financial advisors to suggest funds like BlackRock iShares Bitcoin Strategy ETF (IBIT) and Fidelity Bitcoin ETF (FBTC) to qualified clients. This move signifies a growing institutional acceptance of Bitcoin and other cryptocurrencies. As the largest U.S. bank to embrace Bitcoin spot ETFs, Morgan Stanley's action is a testament to the growing maturity and credibility of the crypto market.
