US investment bank Morgan Stanley filed with the US Securities and Exchange Commission to launch two ETFs tied to Bitcoin and Solana. Chief investment officer Jeff Park believes that even if the ETFs underperform, they will still deliver strategic benefits for Morgan Stanley in terms of social, reputational, and financial gains.

Park highlighted Morgan Stanley’s focus on monetizing ETRADE through crypto trading and tokenization partnerships, which could give the firm a competitive edge in recruiting top talent. The move into the crypto market signifies its potential to attract new customers and gain a reputational edge by appearing pro-Bitcoin.

Morningstar ETF analyst Bryan Armour suggested that Morgan Stanley’s entry into the crypto ETF market adds legitimacy and could prompt other banks to follow suit. Despite being a late entrant, Morgan Stanley’s reputation as one of the world’s top investment banks could give them a fast start in attracting clients who invest in Bitcoin.

Read more at Cointelegraph: Morgan Stanley Bitcoin ETF Will Build Firm’s Clout: Exec