Morgan Stanley is expanding access to cryptocurrency investments for its wealth management clients, CNBC reported Wednesday, in a move that signals a broader shift among Wall Street’s traditionally cautious institutions.
Starting next Wednesday, the bank will allow its financial advisors to offer crypto investments to all clients – regardless of their risk tolerance or net worth – and across all account types, including retirement plans, according to the report. Previously, the option was limited to customers with at least $1.5 million in assets, an aggressive risk appetite and a taxable brokerage account.
The move marks a major expansion for Morgan Stanley’s $8.2 trillion wealth and investments management business and suggests growing acceptance of crypto as a long-term asset class for traditional investors.
The move also highlights the pressure traditional businesses face as crypto vehicles become more widely available. BlackRock’s iShares Bitcoin Trust (IBIT), for example, has become the asset manager’s most profitable ETF, with just under $100 billion in assets under management less than two years after its launch.
Even Vanguard, one of Wall Street’s most crypto-skeptical firms, is reportedly considering giving its clients access to spot crypto ETFs, a reversal that would have been difficult to imagine just a year ago.
Morgan Stanley did not respond to a request for comment when contacted by CoinDesk.
