Morgan Stanley May Soon Allow Brokers to Pitch Bitcoin ETFs to Customers: Report
Summary
Morgan Stanley plans to allow its 15,000 brokers to recommend bitcoin exchange-traded funds (ETFs) to customers. Previously, the bank only permitted bitcoin ETF purchases on an unsolicited basis. The move could potentially increase inflows into these funds. Bitcoin ETFs offer customers the benefits of investing in bitcoin without direct exposure. The Securities and Exchange Commission approved 11 spot bitcoin ETFs in January from firms including BlackRock, Fidelity, and Invesco. Despite initial massive inflows into these funds, the rate has been decreasing, with BlackRock experiencing zero daily inflow for its ETF for the first time. Morgan Stanley's decision could revive momentum in these funds.
