Morgan Stanley’s ETF shows banks are all-in on Bitcoin

Morgan Stanley’s Bitcoin exchange-traded fund (ETF) has managed to rake in almost $400 million since it was launched in April, which reflects the growing acceptance of cryptocurrencies among financial institutions. As regulations become clearer in the US and the Asian regions, traditional financial institutions are now ready to move on with their businesses in the digital asset economy.

For a wide range of institutional and wealth management clients, a Bitcoin product offered by banks represents what the cryptocurrency industry has always been missing—credibility based on regulations. The change symbolizes not just an increase in demand for investments, but also shows that clearer rules are diminishing the boundaries between conventional finance and cryptocurrencies.

Morgan Stanley’s fund becomes the first by a bank to near $400M

According to reports, the Bitcoin ETF from Morgan Stanley, which is being traded on the NYSE Arca, already has more than $391 million in assets under management. This ETF was introduced in April with over $33 million in assets as its opening amount, plus it holds the record of being the first Bitcoin ETF by a large bank. For this week alone, it raised $15.7 million, according to Farside Investors, and Bloomberg Intelligence’s senior ETF analyst described it as one of the greatest ETF launches of the year.

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