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 traditionally cautious Wall Street institutions.
Starting next Wednesday, the bank will allow its financial advisors to offer cryptocurrency investments to all clients, regardless of their risk tolerance or net worth, and in all account types, including retirement plans, according to the report. Previously, the option was limited to clients with at least $1.5 million in assets, an aggressive risk appetite and a taxable brokerage account.
The decision marks a major expansion for Morgan Stanley’s $8.2 trillion wealth and investment management business and suggests growing acceptance of cryptocurrencies as a long-term asset class for mainstream investors.
The move also underscores the pressure legacy companies face as crypto vehicles become more 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 the most crypto-skeptical firms on Wall Street, is considering giving its clients access to spot crypto ETFs, a change 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.
