- $40 billion wealth manager invests in Bitcoin via Bitwise ETF, boosting institutional interest.
- Morgan Stanley enables advisors to offer Spot Bitcoin ETFs, reflecting growing crypto adoption.
After the $1.4 trillion asset manager offered Bitcoin and XRP ETFs to clients, as CNF reported in April, a prominent wealth management firm with $40 billion in assets under management (AUM) has opted to invest in Bitcoin through the Bitwise Bitcoin ETF (BITB). This news was shared by Bitwise CEO Hunter Horsley in a recent social media update, where he expressed enthusiasm about the investment decision.
According to a tweet from community member Collin Brown, Bitwise CEO Hunter Horsley has confirmed that a major wealth management firm, managing $40 billion in assets, is investing in Bitcoin via the Bitwise Bitcoin ETF (BITB).
🚨 Bitwise CEO Hunter Horsley confirms a $40B wealth manager is investing in Bitcoin through the Bitwise Bitcoin ETF (BITB). This significant move underscores growing institutional interest as Bitcoin’s price recovers. 📈💰#Bitcoin #ETF #BITB #Crypto #InstitutionalInvestment… pic.twitter.com/pZAs0jokTb
— Collin Brown (@CollinBrownXRP) August 6, 2024
He emphasized that this strategic move highlights a growing trend of institutional interest in Bitcoin, especially as the cryptocurrency’s price begins to recover.
Institutional Adoption of Bitcoin ETFs Grows: Price to $75,000?
The $40 billion wealth manager’s decision to invest in BITB follows extensive evaluation and highlights a rise in institutional acceptance of cryptocurrencies. This move aligns with the broader crypto market’s recovery and increased investor confidence.
Similarly, it is reported that Morgan Stanley now allows its 15,000 advisors to offer Spot Bitcoin ETFs to clients with $1.5 million or more. As of now, Bitcoin (BTC) is trading at $56,651.59, up 1.74% in the past day and down 14.21% in the past week. See BTC price chart below. These developments signal a growing trend to reach the price of $75,000 in institutional interest in Bitcoin ETFs despite recent market volatility
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