15,000 Morgan Stanley advisers can recommend ETFs w.e.f. Wednesday!

https://www.cnbc.com/2024/08/02/morgan-stanley-wealth-advisors-bitcoin-etfs.html

• Morgan Stanley today told its army of financial advisors that it will soon allow them to offer bitcoin ETFs to some clients, a first among major Wall Street banks, CNBC has learned.
• The firm’s 15,000 or so financial advisors can solicit eligible clients to purchase shares of two exchange-traded bitcoin funds starting Aug. 7, according to people with knowledge of the policy.
• Those funds are BlackRock’s IShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund, the people said.

"clients with a net worth of at least $1.5 million, an aggressive risk tolerance and the desire to make speculative investments are suitable for bitcoin ETF solicitation,.....The investments are for taxable brokerage accounts, not retirement accounts"

Big deal. Morgan Stanley manage more than $5 trillion in client assets, the biggest of the wirehouses.. Expect others to follow soon.