Buy $GGsWells Fargo Reportedly Plans To Offer Bitcoin ETFs After Morgan Stanley
Highlights
- Wells Fargo is likely to follow Morgan Stanley to help their clients get exposure to Bitcoin.
- Crypto insider Andrews AP Abacus shared that Well Fargo to allow its financial advisors to offer Bitcoin ETFs to select clients.
- Morgan Stanley approved its 15,000 brokers to recommend Bitcoin ETFs in brokerage accounts.
Investment advisors of $7.2 trillion asset manager Morgan Stanley to offer spot Bitcoin exchange-traded funds (ETFs) to their clients starting Wednesday. Banking giants such as Wells Fargo and UBS are likely to follow Morgan Stanley to help their clients get exposure to Bitcoin.
Wells Fargo Likely to Recommend Bitcoin ETFs To Clients
Financial giant Wells Fargo is reportedly looking to allow its financial advisors to offer Bitcoin ETFs to select clients. The bank is likely to use a similar strategy as Morgan Stanley, which approved its 15,000 brokers to recommend Bitcoin ETFs in brokerage accounts.
Several sources at the bank believe that they will quickly join other investment banks in the race to meet rising demand from clients for investing in Bitcoin. Crypto insider Andrews AP Abacus first reported the news, similar to his previous post in April about Morgan Stanley looking to offer Bitcoin ETFs exposure.
He added that Wells Fargo is next to offer exposure to other ETFs along with BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund. He thinks a full platform approval could come by next month.
Meanwhile, Morgan Stanley can now offer Bitcoin ETFs in brokerage accounts but not in advisory accounts, confirmed a head of private clients and family offices. He added that some teams saw 40% of total client assets in advisory accounts and 60% in brokerage accounts.
Former SEC Official Reacts To Morgan Stanley’s Move
Former SEC Enforcement Chief John Reed Stark slammed Morgan Stanley’s decision to allow investment advisors to recommend Bitcoin ETFs to their clients. He asserts that these certified financial planners (CFPs) may lose their CFP credentials.
Continuing his anti-crypto stance, Stark argued that it increases risk for Morgan Stanley’s retail investors as crypto-asset investments are associated with significant risks and uncertainties. He cited the CFP Board’s recently adopted revised Sanction Guidelines, revised Fitness Standards, and revised Procedural Rules that took effect on July 1 this year.
However, BlackRock and Fidelity Bitcoin ETFs are US SEC-approved funds enabling retail and institutional investors to diversify their investments. This helps in the mass adoption of Bitcoin. Millennium Management, Capula Management, and Schonfeld Strategic Advisors are the three largest holders in BlackRock Bitcoin ETF (IBIT). Currently, BlackRock Ethereum ETF is also witnessing record inflows despite market uncertainty.
Also Read: Japan’s Top Finance Regulator Turns Cautious On Bitcoin ETF Approvals
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