Bitcoin
$63,667.54+2.98%
Ethereum
$3,130.22+1.84%
Binance Coin
$589.49+1.51%
Solana
$146.87+3.44%
XRP
$0.53418854+1.29%
Dogecoin
$0.16120453+14.93%
Toncoin
$5.72-1.25%
Cardano
$0.46954188+0.93%
Shiba Inu
$0.00002532+5.31%
Avalanche
$37.30+5.48%
Tron
$0.12285835-0.48%
Wrapped Bitcoin
$63,699.52+3.01%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Countdown to ConsensusThe largest and longest running event that covers all sides of crypto and Web3
24
DAYS
17
HR
16
MIN
13
SEC
Finance

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

The move may bring fresh energy and capital into the spot ETFs.

By Parikshit Mishra
AccessTimeIconApr 25, 2024 at 7:03 a.m. UTC
Updated Apr 25, 2024 at 5:33 p.m. UTC
VolumeMuteUnmute
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now
  • The bank has allowed ETF buying since the start, but only if the customer approaches them directly.
  • Morgan Stanley could become the first among its peers to allow bitcoin ETF solicitation.
  • The move could push substantial inflow into the ETFs.

Morgan Stanley (MS) is looking to allow its 15,000 brokers to recommend bitcoin (BTC) exchange-traded funds (ETF) to their customers, according to a report from AdvisorHub.

The Wall Street giant opened up bitcoin ETF purchases after they had been approved earlier this year. However, this was done only on an unsolicited basis. The bank is now looking to let its brokers pitch bitcoin ETFs directly to its customers, the report added.

The move is a testament to the demand for the spot ETFs and could bring additional inflows into the funds. The ETFs allow the customers to reap the benefits of investing in the oldest cryptocurrency without direct exposure.

“We’re going to make sure that we’re very careful about it...we are going to make sure everybody has access to it. We just want to do it in a controlled way,” AdvisorHub reported, citing a Morgan Stanley executive.

The Securities and Exchange Commission (SEC) approved 11 spot bitcoin ETFs in January. The firms that got the approval include investment behemoths BlackRock (BK), Fidelity, Invesco (IVZ) and others.

The approval brought massive inflows into the funds and, subsequently, bitcoin. However, the inflows have been dwindling for some time, with BlackRock registering zero daily inflow for its ETF for the first time ever on Wednesday, according to Farside.

Morgan Stanley allowing its brokers to recommend bitcoin ETFs could bring back momentum into the funds.

Morgan Stanley declined to comment on the report.

Read more: BlackRock's Bitcoin ETF Snaps 71-Day Inflows Streak, Data Show

UPDATE (April 25, 2024, 13:00 UTC): Adds comment from Morgan Stanley.

Edited by Parikshit Mishra.



Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Parikshit Mishra
Parikshit Mishra

Parikshit Mishra is CoinDesk's Deputy Managing Editor responsible for breaking news coverage. He does not have any crypto holdings.

Follow @parikshitm899 on Twitter

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.