How about the second wave of Bitcoin ETFs?
How is morgan stanley's ETF movement driving the "adoption of the second wave" in Bitcoin?
Benjamin Ngilu, August 3, 2024
Morgan Stanley plans to pave the way for BTC ETF adoption.
Only clients with aggressive risk tolerance and assets exceeding 1.5 million dollars are eligible.
Asset management company Morgan Stanley will allow some clients to purchase the USA spot Bitcoin etf (currency exchange fund).
According to CNBC's report, on Friday, the company instructed financial advisors to begin offering the product from August 7. The report quotes individuals familiar with the matter, stating the following.
"About 15,000 of the company's financial advisors can solicit eligible clients to purchase shares of two listed Bitcoin funds starting Wednesday."
Is the second wave of adoption of BTC ETF here?
Currently, Morgan Stanley only offers BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's Wise Origin Bitcoin Fund (FBTC). However, it is only available to clients with high risk tolerance.
"Only clients with a net asset of at least 1.5 million USD, high risk tolerance, and a desire to make speculative investments are suitable for solicitation of Bitcoin ETFs."
This means becoming the first major Wall Street asset management company to offer BTC ETFs to clients. Moreover, it would signal the beginning of the much-anticipated second wave of adoption.
From a perspective, the significant demand witnessed in H1 2024 was mainly from individual retail investors, hedge funds, asset management companies, and venture capitalists (VCs).
Before Wirehouse participation, Bitwise's CIO Matt Hougan referred to the first wave of adoption as "down payment". Major wirehouses handle high-net-worth individuals and institutional investors. Morgan Stanley is one of them. Others include Wells Fargo, UBS, JP Morgan, Goldman Sachs, Credit Suisse, etc.
According to Bloomberg ETF analyst James Seyffart, these wirehouses control the wealth of a 5 trillion dollar client base and could potentially be the most bullish indicator for the adoption of BTC ETFs.
Is there a "playbook" for ETF adoption?
After finalizing due diligence, these major corporations are planning to offer BTC ETFs in the third or fourth quarter. In fact, Robert Michnick, BlackRock's digital asset lead, predicted that most of them will start offering the product by the end of this year.
Benjamin Ngilu, August 3, 2024
Morgan Stanley plans to pave the way for BTC ETF adoption.
Only clients with aggressive risk tolerance and assets exceeding 1.5 million dollars are eligible.
Asset management company Morgan Stanley will allow some clients to purchase the USA spot Bitcoin etf (currency exchange fund).
According to CNBC's report, on Friday, the company instructed financial advisors to begin offering the product from August 7. The report quotes individuals familiar with the matter, stating the following.
"About 15,000 of the company's financial advisors can solicit eligible clients to purchase shares of two listed Bitcoin funds starting Wednesday."
Is the second wave of adoption of BTC ETF here?
Currently, Morgan Stanley only offers BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's Wise Origin Bitcoin Fund (FBTC). However, it is only available to clients with high risk tolerance.
"Only clients with a net asset of at least 1.5 million USD, high risk tolerance, and a desire to make speculative investments are suitable for solicitation of Bitcoin ETFs."
This means becoming the first major Wall Street asset management company to offer BTC ETFs to clients. Moreover, it would signal the beginning of the much-anticipated second wave of adoption.
From a perspective, the significant demand witnessed in H1 2024 was mainly from individual retail investors, hedge funds, asset management companies, and venture capitalists (VCs).
Before Wirehouse participation, Bitwise's CIO Matt Hougan referred to the first wave of adoption as "down payment". Major wirehouses handle high-net-worth individuals and institutional investors. Morgan Stanley is one of them. Others include Wells Fargo, UBS, JP Morgan, Goldman Sachs, Credit Suisse, etc.
According to Bloomberg ETF analyst James Seyffart, these wirehouses control the wealth of a 5 trillion dollar client base and could potentially be the most bullish indicator for the adoption of BTC ETFs.
Is there a "playbook" for ETF adoption?
After finalizing due diligence, these major corporations are planning to offer BTC ETFs in the third or fourth quarter. In fact, Robert Michnick, BlackRock's digital asset lead, predicted that most of them will start offering the product by the end of this year.
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