Wall Street giant Morgan Stanley Bitcoin exchange-traded fund now has close to $400 million in assets under management — despite only launching in April.
It was the first bank-listed fund to be listed on NYSE Arca. The debut brought in more than $33 million of fresh cash.
The fund is now available over $391 million in assetsThis shows the success of the product. Some ETFs don’t even reach $400 million assets in a year, never mind in just one quarter.
Eric Balchunas, Senior Bloomberg Intelligence ETF Analyst revealed It was announced on Friday that this product is one of most popular funds to be launched in the past year.
According to Farside Investors, this week, new money has been invested in the product by investors totaling $15.7 million.
Morgan Stanley’s crypto efforts have been significant for many years. In 2021 it began offering its wealthy clients access to Bitcoin through funds like those offered by Galaxy Digital.
Ted Pick, CEO and chairman of the bank, stated last year that they were working with regulators on how to offer cryptocurrency safely.
Amy Oldenburg was the head of digital assets at Bankers Trust in April. said client education — not product design — is the central challenge facing Bitcoin adoption.
ETF action this week
In the last seven days, American Bitcoin exchange-traded funds (ETFs) have seen a fresh inflow of cash after weeks with outflows.
Farside Investors reports that the new investments in these products total $274 million.
The funds had been on a winning streak, receiving nearly $1 billion over seven days until Thursday, when every ETF experienced outflows — except for Morgan Stanley’s product.
Bitcoin’s price The price of cryptocurrencies was $64,096, which is down over 1% from the previous 24 hours. It has been virtually stable over the past seven days.
Last week, the European asset management company CoinShares said that although investors have returned to investing in Bitcoin ETFs again, there are other factors which may prevent digital assets markets from rising.
“We see no significant upside potential from here,” James Butterfill is the head of research for CoinShares.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: bitcoinmagazine.com
