One of the largest financial institutions in the United States is looking at Bitcoin ETFs and granting their brokers access to them.
Morgan Stanley, a prominent financial services firm, is reportedly exploring the possibility of allowing its affiliated brokerage firms to offer physically-backed Bitcoin exchange-traded funds (ETFs) to their clients.
Morgan Stanley Considers Allowing Advisors to Offer Bitcoin ETFs
The potential move marks a significant shift in the attitude of traditional brokerages towards cryptocurrency investments.
According to a report published by AdvisorHub today, citing two senior Morgan Stanley executives, the firm is considering giving its 15,000 financial advisors the ability to buy and sell physically-backed Bitcoin ETFs in a matter of weeks.
However, the sources refrained from providing a specific timeline for when such a policy change could be implemented. If it comes to fruition, major brokerages such as Morgan Stanley, Merrill Lynch, and Wells Fargo would start offering access to Bitcoin ETFs.
According to analysts, such a policy is likely aimed at ensuring that responsible and informed investment decisions are made in the emerging cryptocurrency market.
The growing interest in physically-backed Bitcoin ETFs among investors is evident in the substantial inflows and assets under management (AUM) witnessed by leading financial institutions.
Data from CryptoCompare shows that physically-backed Bitcoin ETFs listed in the United States and offered by major players such as BlackRock, Grayscale, and Ark Invest have collectively gathered $12.29 billion in net inflows year-to-date as of Wednesday and amassed over $53.65 billion in AUM.
