Morgan Stanley Holds Major GBTC Stake For Clients
This investment, along with similar disclosures from banking giants like JPMorgan (NYSE:JPM), Wells Fargo (NYSE:WFC), and UBS (NYSE:UBS), underscores growing institutional interest in cryptocurrency among wealth management clients.
It’s worth noting that these holdings likely represent investments made on behalf of clients, rather than a direct bet on Bitcoin by the banks themselves.
Following the approval of spot Bitcoin exchange-traded funds in January, Morgan Stanley began offering allocations to its clients, albeit on an unsolicited basis. This means that clients had to propose the investment to the broker, reflecting the cautious approach taken by financial institutions towards cryptocurrency investments.
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