The latest Morgan Stanley’s crypto-related news triggered optimism in the digital assets space as Bitcoin struggles to escape the $60K vicinity to the upside.
X updates reveal that the US-based banking giant will likely approve Bitcoin exchange-traded funds across their wealth management platform.
All Morgan Stanley clients can expect to interact with BTC ETFs by August-end.
That marks a crucial milestone for the bank, Bitcoin, and the overall cryptocurrency sector.
The move underscores Morgan Stanley’s dedication to offering its clients top-notch financial products.
It follows developments that the bank could allow thousands of brokers to recommend BTC exchange-traded funds to customers.
Further, the trillion-dollar firm authorizing Bitcoin ETFs will boost BTC’s adoption, translating to solid growth for the crypto.
Morgan Stanley and Bitcoin investments
The wealth manager has showcased interest in crypto assets lately.
Nearly a month ago, SEC files revealed the company’s $269.9 million worth of investments in spot BTC ETFs.
The bank had invested the amount in Grayscale’s Bitcoin Trust ETF (GBTC) in Q1 2024.
The amount made Morgan Stanley among the top institutions holding GBTC, second to Susquenamma International Group’s $1.8 billion.
Morgan’s allocation underscored its confidence in Bitcoin as a viable asset in investor portfolios.
It joined leading banks like Royal Bank of Canada, BNP Paribas, and JPMorgan, who revealed their BTC ETF purchases.
Now, Morgan Stanley plans to approve Bitcoin ETFs for all customers in their wealth management platform.
Bitcoin’s current price action
The bellwether crypto flashes recovery signals after Monday’s sudden dip sent it from around $64K to $60K.
BTC changed hands at $61,700.78 at press time, gaining 1.65% over the past day.
Nonetheless, it lost nearly 5% of its value within the past week, indicating bearish tendencies.
Various factors contribute to Bitcoin’s current sluggish performance.
Mt.Gox expected liquidations, miner sell-offs, and enormous BTC ETF outflows saw negative sentiment plaguing the market.
Thus, Morgan Stanley’s move to authorize Bitcoin ETFs for its clients instills confidence about BTC’s potential recovery.
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