Home Bitcoin News Morgan Stanley recommended that advisors refrain from buying Bitcoin ETFs to clients

Morgan Stanley recommended that advisors refrain from buying Bitcoin ETFs to clients

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Crypto News

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One of the leading investment banks in the United States, Morgan Stanley, has banned employees of the wealth management division from offering clients the bitcoin futures launched by ProShares-ETF. This is reported by Business Insider with reference to sources.

The institution is in the process of evaluating the prospectus and conducting a comprehensive legal audit of the fund.

Representatives of the bank declined to comment to the publication.

In an interview, Mark Hefele, investment director at UBS Global Wealth Management, noted that he invites clients to consider alternative investments. According to him, the organization considers crypto products only for speculative-minded investors with a high risk appetite.

The bitcoin futures ETF from ProShares showed the second most active trading debut. According to the management company, the volume of investments in the product reached $1.1 billion by the end of two days.

Recall that in March, CNBC sources reported on Morgan Stanley’s plans to open access to bitcoin funds to accredited investors with a capital of at least $ 2 million.

The bank limited investments in instruments to 2.5% of their own capital.

In April, the conglomerate in the application for SEC he did not rule out adding derivatives to the first cryptocurrency in 12 own funds.

In June, asset managers New York Digital Investment Group and FS Investments filed an application with the SEC for registration of a bitcoin fund intended for Morgan Stanley clients.

In September, Morgan Stanley started forming a team that will focus on studying the impact of cryptocurrencies on stocks and fixed income instruments.

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