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In a remarkable milestone for the cryptocurrency market, Morgan Stanley has become the first major bank to approve Bitcoin for solicited sale to its clients.
This major move by one of the world’s largest wealth management firms has been celebrated by many in the crypto community, including MicroStrategy's chairman and co-founder Michael Saylor.
Morgan Stanley's decision to enable the solicited sale of Bitcoin marks a pivotal moment in the integration of digital assets into mainstream finance, with Saylor highlighting this significant milestone.
In a tweet, Saylor wrote: "Morgan Stanley just became the first major bank to approve Bitcoin for solicited sale to their clients."
Tomiwabold OlajideUnder Saylor's leadership, MicroStrategy has amassed a huge quantity of Bitcoin, making it one of the largest corporate holders of the cryptocurrency. In July, MicroStrategy acquired an additional 169 BTC for $11.4 million and now holds 226,500 BTC.
Saylor, a strong Bitcoin supporter, began buying it in 2020 as an inflation hedge and cash alternative.
Morgan Stanley makes big Bitcoin announcement
Morgan Stanley informed its slew of financial advisors on Friday that it will soon allow them to offer Bitcoin ETFs to select clients, marking a first for big Wall Street banks, according to CNBC.
This move implies the firm's approximately 15,000 financial advisors will be able to solicit eligible clients to purchase shares of two exchange-traded Bitcoin funds, reportedly BlackRock's IShares Bitcoin Trust and Fidelity's Wise Origin Bitcoin Fund, starting August 7.
The move from Morgan Stanley, one of the world's top asset management firms, is the latest sign of the adoption of Bitcoin by mainstream finance. In January, the U.S. Securities and Exchange Commission approved applications for 11 spot Bitcoin ETFs in a remarkable milestone for the crypto industry.
Alex Dovbnya
Valeria Blokhina
Vladislav Sopov
Dan Burgin
U.Today Editorial Team