A global bank with over $1 trillion in assets under management has approved a crypto exchange-traded fund from Bitwise Asset Management for its managed accounts platform, as revealed by Bitwise CEO Hunter Horsley on Tuesday.
The approval allows wealth managers and financial advisors working with the bank to allocate client funds to the crypto ETF as part of their standard investment offerings. While the bank’s identity remains undisclosed, its trillion-dollar scale indicates increased institutional backing for crypto investment products.
Bitwise is one of the first fund managers to successfully launch spot Bitcoin and Ethereum ETFs in the US market.
Horsley’s statement came after Morgan Stanley started enabling its financial advisors to recommend spot Bitcoin ETFs like BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund last August.
The recent developments represent a shift from self-directed crypto investing to mainstream wealth management, as managed accounts typically serve high-net-worth individuals and institutional clients.