The Wall Street giant’s Morgan Stanley Bitcoin exchange-traded fund now has nearly $400 million in assets under management, despite only launching in April.
The NYSE Arca-listed fund, which is the first from a bank, got off to a flying start in its debut, bringing in more than $33 million in fresh cash on its first day.
Today, the fund has assets of over $391 million, demonstrating the popularity of the product. Many ETFs never reach $400 million in assets, let alone in a single quarter.
Bloomberg Intelligence ETF senior analyst Eric Balchunas revealed on Friday that the product was one of the most successful funds launched this year so far.
This week alone, investors pumped $15.7 million of new cash into the product, according to data from Farside Investors.
Morgan Stanley has been making big moves in crypto for years now. In 2021, it began offering its wealthy clients exposure to Bitcoin through funds such as those from Galaxy Digital.
And last year, the bank’s CEO and president, Ted Pick, said the bank was working with regulators to see how they could offer cryptocurrencies safely.
Last April, Amy Oldenburg, the bank’s head of digital assets, said that customer education – not product design – was the central challenge to Bitcoin adoption.
ETF action this week
After weeks of outflows and sloppy price action, US Bitcoin ETFs have raked in new money over the past seven days.
Farside Investors shows that the products have received a total of $274 million in new investments so far this week.
The funds went on a winning streak, receiving nearly $1 billion over seven days through Thursday, when all ETFs experienced outflows except Morgan Stanley’s product.
Bitcoin price was recently trading at $64,096, down more than 1% in the last 24 hours. The cryptocurrency is virtually unchanged over a seven-day period.
European asset management firm CoinShares said last week that even if investors start pouring new money into Bitcoin ETFs again, other factors could prevent digital asset markets from making headway.
“We do not see any significant upside potential from here,” wrote James Butterfill, head of research at CoinShares.
This article Morgan Stanley Bitcoin ETF Nearly Hits $400M in Assets first appeared on Bitcoin Magazine and is written by Mathew Di Salvo.