Investment advisors of $1.3 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
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