Morgan Stanley Set to Approve Bitcoin ETFs for Clients by August

Summary:
Morgan Stanley is reportedly planning to approve Bitcoin ETFs for all its clients by the end of August, according to a senior source cited by researcher House of Chimera. This significant move marks an essential step in the institutional adoption of digital assets. The bank has previously invested in Grayscale’s Bitcoin Trust (GBTC) and plans to allow its 15,000 brokers to recommend Bitcoin ETFs to customers, potentially leading to substantial fund inflows. This decision follows the SEC’s approval of 11 spot Bitcoin ETFs in January 2024, which significantly boosted Bitcoin’s price. Morgan Stanley’s move could pave the way for broader institutional adoption of cryptocurrency investments, despite the market’s volatility influenced by the German government’s Bitcoin sales and Mt. Gox BTC repayments.