Morgan Stanley, which has $1.5 trillion in assets under management, and when custody services are taken into account, this figure reaches up to $6.5 trillion, will also start recommending Bitcoin spot ETFs to its customers. According to the news reported by Reuters, the company has authorised its affiliated investment advisors to recommend these funds.

Individual customer base is also coming in large numbers

With this step, Morgan Stanley will be the first major bank in the US to provide such services. Morgan Stanley has more than 15 thousand investment advisors. According to the news, these advisors will start recommending two Bitcoin spot ETFs to private clients from August 7. These two funds will be BlackRock and Fidelity’s ETFs.

As it is known, companies (banking and financial institutions) such as Morgan Stanley and Wells Fargo in the US; They are leaving BlackRock and Fidelity, which mostly serve corporate firms and reach people through their funds.

These firms, known as ‘wire houses’, employ thousands of investment advisors and provide them with all the facilities to reach individual clients. This situation allows individual investors, who cannot meet with large companies such as BlackRock, to turn to such advisors who contact them.

Unlike companies such as BlackRock, Fidelity, Bitwise and VanEck in the US, these institutions known as ‘wire houses’ have not yet stepped into the crypto ETF world. Therefore, millions of individual customers can be included in the crypto space through ETFs by taking this step.