Morgan Stanley is reportedly set to approve Bitcoin ETFs for all its clients by the end of August. Researcher House of Chimera, citing a senior source, shared this information, marking a pivotal moment in the institutional adoption of digital assets.
ICYMI:
🔹 Morgan Stanley expected to approve #Bitcoin ETFs on their platform for all clients by the end of August (at the latest), according to a very senior source.
— House of Chimera (@HouseofChimera) July 10, 2024
Financial institutions taking a leap with Bitcoin
Morgan Stanley’s decision to embrace Bitcoin ETFs reflects a broader trend of traditional financial institutions warming up to cryptocurrencies. This isn’t the bank’s first entry into the crypto space.
Morgan Stanley holds millions worth of Grayscale’s Bitcoin Trust (GBTC) on behalf of its clients.
The bank’s plan to allow its 15,000 brokers to recommend Bitcoin ETFs to customers could lead to substantial inflows into these funds. This move comes in the wake of the Securities and Exchange Commission’s (SEC) approval of 11 spot Bitcoin ETFs in January 2024, which triggered major inflows into Bitcoin and also pushed the price of BTC to a new ATH.
Morgan Stanley’s decision could set a precedent for other financial institutions. It could potentially open the floodgates for broader institutional adoption of cryptocurrency investments.
While the crypto market is volatile, primarily due to the German government offloading Bitcoin and Mt. Gox BTC repayment, institutions are moving towards greater adoption of Bitcoin.
Also Read: Bitcoin Holds Above $57k; Mt. Gox & Germany Pressure Fades
