Morgan Stanley is Warming to WisdomTree Investments (WETF) as Bitcoin ETF Finds New Markets
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Morgan Stanley analyst Michael Cyprys reiterated an Equalweight rating and $6.75 price target on WisdomTree Investments (NASDAQ: WETF) but noted he is becoming more positive on the name after the company received regulatory approval to cross-list their European Bitcoin ETP on Borse Xetra which expands the potential customer set to retail and institutional investors in the EU. Previously, the product was only available to Swiss investors.
The analyst noted that WETF is also eyeing a Bitcoin ETF in the US and recently applied with the SEC for approval. He stated "Fee rates for cryptocurrency ETPs are noticeably higher than fees on most ETPs, with an average fee rate of 185 bps. Fees on the largest crypto ETPs are even higher, with an AUM weighted fee rate of 200 bps across 28 crypto ETPs."
Shares of WisdomTree Investments closed at $6.47 yesterday.
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