Wall Street giant Morgan Stanley Bitcoin ETF now has nearly $400 million in assets under management — despite only launching in April.
The NYSE-listed fund Arca, the first of its kind by a bank, got off to a strong start when it debuted, bringing in more than $33 million of new cash on its first day.
Now, it’s the box Over $391 million in assetsWhich indicates the popularity of the product. Many ETFs never reach $400 million in assets at all, let alone in a single quarter.
Bloomberg Intelligence ETF Senior Analyst Eric Balchunas open Friday that the product was one of the most successful funds launched this year so far.
This week alone, investors threw $15.7 million in new cash into the product, according to Farside Investors data.
Morgan Stanley has been making big moves in the cryptocurrency space for years now. In 2021, it began offering bitcoin exposure to wealthy clients via funds like those offered by Galaxy Digital.
Last year, the bank’s CEO and chairman, Ted Beck, said the bank was working with regulators to figure out how they could offer cryptocurrencies safely.
Last April, the bank’s head of digital assets, Amy Oldenburg, said He said Customer education – not product design – is the main challenge facing Bitcoin adoption.
ETF moves this week
After weeks of outflows and price volatility, US Bitcoin ETFs have received new cash over the past seven days.
Farside Investors shows that Products has received a total of $274 million in new investments so far this week.
The funds were on a roll, taking in nearly $1 billion over the seven days through Thursday, when every ETF saw outflows — except the Morgan Stanley product.
Bitcoin price It recently traded for $64,096, down more than 1% in the past 24 hours. The cryptocurrency barely moved over seven days.
European asset manager CoinShares said last week that while investors have returned to putting new money into Bitcoin ETFs, other factors may be preventing digital asset markets from rising.
“We don’t see any significant upside potential from here,” wrote James Butterville, head of research at CoinShares.
