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Banking giant Morgan Stanley (NYSE:MS) is exploring a way to expand its offerings in the red-hot world of Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs).
What Happened: According to a report, the firm is considering allowing its vast network of brokers, roughly 15,000 strong, to actively recommend Bitcoin ETFs to clients.
Under the existing framework, Morgan Stanley clients must initiate discussions about Bitcoin ETF investments themselves.
The proposed change, which is still being refined to include specific “guardrails” such as risk tolerance assessments and limitations on how much and how often clients can trade, aims to broaden market participation.
“We're going to make sure that we're very careful about it,” one executive emphasized. “We are going to make sure everybody has access to it. We just want to do it in a controlled way.”
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Why It Matters: The firm’s cautious stance mirrors that of other major institutions.
For instance, Merrill Lynch and Wells Fargo also restrict Bitcoin ETF transactions to unsolicited engagements, with Merrill setting a high bar by requiring clients to possess assets upwards of $10 million.
Representatives for these banks have declined to comment on any future plans regarding their cryptocurrency offerings.
Meanwhile, the landscape of financial firms embracing crypto varies widely.
While the SEC approved 11 Bitcoin ETF applications from heavyweights like BlackRock Inc. (NYSE:BLK) and Fidelity in January, not all institutions have opted to include them in their portfolios.
Vanguard has explicitly rejected incorporating crypto products, citing a lack of a clear role in long-term investment strategies.
On the other hand, independent broker-dealer Cetera Financial Group recently greenlit four Bitcoin ETFs for its advisors, coupled with rigorous education and risk management protocols.
What’s Next: The discussions around Bitcoin ETFs and their integration into traditional finance will undoubtedly be a hot topic at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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