Hong Kong-based family office Avenir Capital has significantly bolstered its cryptocurrency holdings, purchasing $383 million worth of Bitcoin spot exchange-traded funds (ETFs) in the second quarter of 2024. According to Trader T, Avenir Capital acquired substantial positions in two prominent Bitcoin ETFs: BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC).
This significant investment aligns with broader trends in traditional finance as major institutions increasingly embrace digital assets. The move follows recent developments at Morgan Stanley, which is now empowering its wealth advisors to actively pitch these Bitcoin ETFs to eligible clients. As reported by CNBC, Morgan Stanley’s advisors will have the opportunity to market IBIT and FBTC to clients with a net worth of at least $1.5 million, high risk tolerance, and a keen interest in speculative investments.
The introduction of actively marketed Bitcoin ETFs represents a pivotal shift for the finance industry, which has seen cautious adoption of such products. Prior to this, some brokerages like Fidelity and Charles Schwab began offering Bitcoin ETFs directly, while larger institutions like Morgan Stanley had restricted access, providing these products only upon client request.
Bloomberg’s senior ETF analyst, Eric Balchunas, described Morgan Stanley’s decision as a “major deal,” highlighting the bank’s substantial client assets managed by its advisors, totaling approximately $5.7 trillion. This move by Morgan Stanley, one of the largest U.S. wirehouse brokers, could significantly impact the adoption of Bitcoin ETFs and signal a deeper integration of digital assets into mainstream financial portfolios.
