Wall Street investment bank Morgan Stanley’s (NYSE: $MS) new Bitcoin (CRYPTO: $BTC) exchange-traded fund (ETF) appears to be about to launch.
Morgan Stanley has been teasing its new Bitcoin ETF for months despite the current decline in the price of BTC and other cryptocurrencies.
On social media, Bloomberg Intelligence shared a screenshot of a pending listing for Morgan Stanley’s new Bitcoin ETF under the ticker symbol “MSBT.”
Morgan Stanley is joining a crowded field of about a dozen other spot Bitcoin ETFs that have a combined $83 billion U.S. of assets under management.
The ETF is part of a broader push into cryptocurrencies by Morgan Stanley Chief Executive Officer (CEO) Ted Pick.
While former Morgan Stanley CEO James Gorman questioned the value of crypto, Pick has gone all in on digital assets, saying the bank’s customers demand it.
Earlier this year, Pick said that Morgan Stanley was working with the U.S. Treasury Department and other regulators to launch new crypto products.
Morgan Stanley has also filed for a banking charter to custody cryptocurrencies.
While some analysts question the timing of the Morgan Stanley’s spot Bitcoin ETF, others say they expect strong interest from Morgan Stanley’s clients.
Morgan Stanley operates a large wealth management business and is expected to make its crypto products available to its affluent clients.
MS stock has gained 35% over the last 12 months to trade at $164.62 U.S. per share.
