According to sources close to the matter, the Bitcoin industry is about to undergo a major shift as Wall Street giant Morgan Stanley is expected to accept Bitcoin exchange-traded funds (ETFs) on its platform within the next two weeks.
This revolutionary information was initially disclosed through X (formerly Twitter) by the famous crypto commentator Andrew from Arch Public (@AP_Abacus).
It has been reported by Andrew that Morgan Stanley is expected to accept Bitcoin ETFs on their platform within the next two weeks. Insiders in MS, BTC ETF businesses, and the legal community around both provide the sources. Client assets held by Morgan Stanley exceed $1.5 trillion. The financial and Bitcoin communities are quite curious about this comment.
In reaction to Andrew’s tweet, Bloomberg ETF specialist Eric Balchunas displayed a mix of hope and skepticism by asking, “Feels right, not questioning you, but what’s the source?” Andrew quickly responded with “DM,” signifying a private messaging conversation, to protect the anonymity of his sources.
Morgan Stanley’s purported interest in Bitcoin exchange-traded funds (ETFs) has been a source of speculation since the latter half of February, so this news is not shocking. According to reports, the massive financial institution has reportedly begun the due diligence procedures necessary to add spot Bitcoin ETF products to its brokerage services. Persons well-versed in the subject provided this knowledge.
Morgan Stanley, a leader in private markets and alternative investments with more than $150 billion in client assets, made waves in 2021 when it became the first big US bank to provide its wealthy customers access to crypto funds. During its results call for the first quarter of 2021, the wealth management behemoth announced that it will be introducing its customers to Bitcoin via two further crypto funds. Galaxy Digital and NYDIG presumably provided this money, marking the bank’s first venture into Bitcoin.
A turning point for the market came in January, when the Securities and Exchange Commission (SEC) authorized the debut of spot Bitcoin ETFs in the US. Even though these products have already received billions of dollars in funding, they are expected to reach their maximum potential once they are made available through prominent broker-dealer platforms and Registered Investment Advisor (RIA) networks. These networks and firms include Merrill Lynch, Morgan Stanley, and Wells Fargo.
The US market now has ten spot bitcoin ETFs, the most valuable of which are FBTC (Fidelity) and IBIT (BlackRock). Although Morgan Stanley has not revealed which ETFs it plans to sell, the firm’s track record indicates that it will prioritize customer interest and innovation in its strategic selection process.
The impending approval of Bitcoin ETFs by Morgan Stanley highlights the growing integration of spot Bitcoin ETFs into conventional financial institutions. Confirmation of this decision might have a major impact on the market, leading to increased investment in these ETFs.
Also Read: Congress Requests SEC Clarity on Ethereum and Digital Asset Regulations March 27, 2024
Wallets