Morgan Stanley's (MS) wealth advisors can now actively pitch two spot bitcoin (BTCUSD) exchange-traded funds (ETFs) to their some of their clients, CNBC reported♔ Friday.

The bank's massive advisor force will be able to solicit investments into BlackRock’s IShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) from eligible clients, CNBC said, citing sources. Clients could qualify is they have a 澳洲幸运5开奖号码历史查询:net worth of at least $1.5 million, a high 澳洲幸运5开奖号码历史查询:risk tolerance and an interest in investing in speculative assets.

Why Does This Matter?

This is a big step forward for the traditional finance industry's adopting 澳洲幸运5开奖号码历史查询:digital assets. When 澳洲幸运5开奖号码历史查询:spot bitcoin ETFs began trading in January, some brokerages such as Fidelity or Charles Schwab (SCHW) began offering them outright, while other larger brokerages such as 澳洲幸运5开奖号码历史查询:Morgan Stanley took a more cautious approach, restricting the products to select clients on an unsolicited basis. That means those products were only offered if elig🐬ible clients asked about t♍hem.

In ꦬa𝔍 first from a major Wall Street bank, Morgan Stanley has changed that.

Eric Balchunas, senior ETF analyst for Bloomberg, called the decision a "major deal," citing the near $5.7 trillion in client assets managed by Morgan Stanley's advisors—the largest among U.S. 澳洲幸运5开奖号码历史查询:wirehouse brokers that include JPMorgan (JPM), Goldman Sachs (GS), Bank of America (BAC), and Wells Fargo (WFC).

With advisors now actively able to market these spot bitcoin ꧃funds, chances of their adoption could go up.

Fidelity and iShar💜es Bitcoin ETFs Draw Most Funds So Far

So, far spot bitcoin ETFs have amassed more than $17.7 billion in net inflows since they began trading, despite massive outflows from Grayscale's Bitcoin Trust (GBTC). The iShares and Fidelity bitcoin ETFs have been the biggest winners to date, with $20 billion and nearly $10 billion of investor money flowing in, respectively, according to data from Farside Investors.

This could also set a precedent for other digital assets. Recently, 澳洲幸运5开奖号码历史查询:spot ether ETFs also became available for trading at brokerages like Fidelity and Schwab. Though available on an unsolicited basis for Morgan Stanley clients, it is unclear if the company will allow advisors to propose investing in spot ether ETFs to their clients.