Wall Street giant Morgan Stanley Bitcoin exchange-traded fund now has about $400 million in assets under management – even though it was launched in April.
The NYSE-listed fund Arca, which is the bank’s first, made a splash when it launched, bringing in more than $33 million in new funds on its first day.
Now, the bag is done more than $391 millionshowing the popularity of the product. Most ETFs don’t reach $400 million in any asset, let alone one share.
Bloomberg Intelligence ETF chief analyst Eric Balchunas to be revealed Friday that the stock has been one of the most successful investments launched this year so far.
This week alone, investors threw $15.7 million in new money into the stock market, according to data from Farside Investors.
Morgan Stanley has been making big moves in crypto for years. Back in 2021, it started giving wealthy customers access to Bitcoin through investments like Galaxy Digital.
And last year, the bank’s CEO and Chairman, Ted Pick, said that the bank is working with regulators to see how to safely issue crypto.
Back in April, the head of digital banking, Amy Oldenburg he said Customer education – not product design – is the biggest challenge facing Bitcoin adoption.
ETF performance this week
After several weeks of outflows and price volatility, American Bitcoin ETFs have taken on new gains over the past seven days.
Farside Investors reports that the product has received $274 million in new funding so far this week.
The fund was successful, receiving almost $ 1 billion for the seven days until Thursday, when every ETF gained output – except for Morgan Stanley products.
The price of Bitcoin it recently traded at $64,096, down 1% in the last 24 hours. Cryptocurrency is volatile after seven days.
European asset management firm CoinShares last week said that while investors have returned to investing new money in Bitcoin ETFs, other factors could keep the digital asset’s markets from rising.
“We don’t see much potential from here,” James Butterfill, head of research at CoinShares, wrote.
