Morgan Stanley, an asset manager worth $1.3 billion, disclosed that it held Bitcoin ETFs valued at $187 million. As of June 30, the company reported holding 5.5 million BlackRock iShares Bitcoin ETF shares.
Morgan Stanley now ranks among the top five BlackRock Bitcoin ETF holders. The filing notes under “Investment Discretion” Morgan Stanley Investment Management Inc. began to offer Spot Bitcoin ETFs for its clients in August. Select clients can gain exposure to BlackRock’s iShares Bitcoin Trust Fund (IBIT) as well as the Fidelity Smart Origin Bitcoin Trust (FBTC).
Morgan Stanley is just one example of the many banks that have embraced Bitcoin. Although there are still some cautious US banks. Goldman Sachs JPMorgan Bank of America Wells Fargo and Bank of America all forbid advisors to pitch BTC-ETFs. This is expected to change as demand increases.
Also Read: Morgan Stanley Advisors to Now Offer Spot Bitcoin ETFs to Clients
Bitcoin has become a very popular asset for investment. Morgan Stanley has been one of few banks to take a more positive stance on BTC and other cryptocurrencies.
Since the introduction of Bitcoin ETFs, in January 2024, Bitcoin’s potential has increased. Experts say that despite being lower than its previous high, Bitcoin has a bullish trend. Morgan Stanley’s recent announcements will most likely fuel the hype surrounding Bitcoin ETFs. Other banks may follow Morgan Stanley’s lead and allow the sale of Bitcoin ETFs. This could increase demand for this asset, which would then boost its value.
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Source: watcher.guru