- Since the beginning, the bank allows ETF purchases. However, only when the client approaches the bank directly.
- Morgan Stanley may be the first of its competitors to offer bitcoin ETFs.
- This could result in a substantial increase of ETF flows.
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Why Financial Advisors are so Excited about a Bitcoin Spot ETF
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When could traders expect to see the arrival of an ETF that tracks Bitcoin spot prices?
Morgan Stanley is looking at allowing its 15,000 agents to recommend Bitcoin (BTC) According to an AdvisorHub report, advisors are now offering exchange-traded fund (ETF) products to their clients.
After the approval of bitcoin ETFs earlier in this year, Wall Street opened its doors to Bitcoin ETF purchases. This was only done on an uninvited basis. Reports added that the bank now wants to allow its brokers to pitch bitcoin ETFs to their customers directly.
This move could result in additional funds flowing into the fund. These ETFs give customers the opportunity to invest in one of the oldest cryptocurrencies without having direct exposure.
We’ll make sure we are very cautious about it…we’ll make sure everyone has access. Morgan Stabley’s executive told AdvisorHub that they wanted to “do it in a controlled manner”.
In January, the Securities and Exchange Commission approved eleven spot bitcoin ETFs. Investment giants BlackRock, Fidelity and Invesco are among the firms to receive approval.
After the approval, massive amounts of money poured into bitcoin and then, to funds. The inflows are decreasing, however, and have for some time. BlackRock registration Farside reports that on Wednesday the ETF saw its first ever zero-day inflow.
Morgan Stanley’s decision to allow its brokers the option of recommending bitcoin ETFs may help bring momentum back into these funds.
Morgan Stanley didn’t immediately reply to CoinDesk’s comment request.
Parikshit Miishra is the editor.