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Morgan Stanley is considering offering spot bitcoin ETF (exchange-traded fund) investment products to investors through its massive brokerage platform, CoinDesk reported, citing sources familiar with the matter.
The Wall Street giant has been mulling the possibility of adding a bitcoin spot ETF since the U.S. Securities and Exchange Commission (SEC) approved the investment vehicles earlier in the year, according to the story. bitcoin-etfs-for-its-giant-brokerage-platform-sources/”>saying, citing one of the sources. The matter is under due diligence, he added, citing two sources.
Wall Street Banks Offering bitcoin ETF Products Open Huge New Market
Since their launch, billions of dollars have already been invested in the newly launched bitcoin Spot ETFs. But if the big Wall Street investment platforms, such as those run by Morgan Stanley, Merrill Lynch and Wells Fargo, offer the products to their huge client bases, it will open the door to a huge new institutional client base.
Morgan StanleyThe wealth management unit has a whopping $150 billion in assets under management and is among the largest brokerage platforms in the U.S. It's still unclear which of the 10 newly launched ETFs Morgan Stanley might choose offer to your clients.
<img decoding="async" alt="Morgan Stanley cuts staff in Asia by 7%, what impact on the stock market?” src=”https://technicalterrence.com/wp-content/uploads/2024/03/Morgan-Stanley-Considers-Offering-Bitcoin-ETF-Products-to-Clients-Signaling.jpg”/><img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/03/Morgan-Stanley-Considers-Offering-Bitcoin-ETF-Products-to-Clients-Signaling.jpg" alt="Morgan Stanley cuts staff in Asia by 7%, what impact on the stock market?”/>
The former Wall Street titan labelled the approval of bitcoin spot ETFs in the US as a “potential paradigm shift” in global perception towards digital currencies. Its head of digital asset markets, Andrew Peel, said digital assets will influence the future of international trade and finance and potentially reshape the global economic and financial landscape.
RIDIC: The New Nine doubled its volume record (set on Monday) with approximately $6 billion traded. $ VA Led by $3.3 billion, Fidelity earned $1.4 billion (both double their previous records). The total number of transactions also doubled: more than half a million individual transactions between them. $ VA alone > $QQQ. pic.twitter.com/ZzB5PWXA4f
– Eric Balchunas (@EricBalchunas) February 28, 2024
this is not the first time Morgan Stanley is contemplating adding a bitcoin investment product to its suite of offerings. During its first quarter earnings call in April 2021, the company confirmed that it was opening exposure to btc for its clients through third-party crypto funds. This made Morgan Stanley the first major US bank to offer its wealthy clients access to bitcoin investment opportunities.
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