Will the contents of Morgan Stanley’s filing with the SEC trigger a new wave of adoption similar to the one that took the price of BTC to unprecedented peaks in early 2021?
Morgan Stanley has more than one million shares of GBTC
According to a filing submitted to the US Securities and Exchange Commission (SEC), banking giant Morgan Stanley has not inconsiderable exposure to bitcoin through the Grayscale Bitcoin Trust (GBTC).
A packet of documents submitted to the SEC states that more than 30 Morgan Stanley funds own large amounts of GBTC stock. Morgan’s Insight Fund appears to be the largest shareholder in this regard with more than 928,051 shares of GBTC worth about $36 million. At current prices at the moment, this is equivalent to over 700 bitcoin (BTC).
Morgan Stanley Institutional Fund Inc, Morgan Stanley Institutional Trust, Morgan Stanley Variable Insurance Fund and others have also placed not inconsiderable amounts in Grayscale’s investment products.
The road to bitcoin
On June 28, 2021, when the king of cryptocurrencies cost around $30,000, Morgan Stanley revealed a large position on GBTC through its Europe Opportunity Fund. At the time, the bank held 28,298 shares of GBTC, valued at $1.3 million.
Just yesterday, August 25, MacroScope reported that the bank disclosed the current size of the bitcoin exposure it has through its Grayscale investment product.
In SEC filings, Morgan Stanley has just reported owning a large amount of Grayscale bitcoin across multiple portfolios.
The largest of these appears to be 928,051 shares held by Morgan’s Insight Fund.
These are major disclosures.
MacroScope (@MacroScope17) August 25, 2021
It is worth recalling that a few months earlier, the banking giant became the first US-based financial institution to <a href=”https://bithub.pl/kryptowaluty/bitcoin/morgan-stanley-zaoferuje-dostep-do-bitcoina-poprzez-3-fundusze-kurs-btc-usd-reaguje-growth/” target=”_blank” rel=”noopener”>offered its clients the opportunity to invest based on bitcoin funds.
Morgan Stanley has a growing appetite for bitcoin
In addition to holding a large position in the Grayscale Bitcoin Trust, Morgan Stanley has been investing in cryptocurrency-based companies. In April this year, the bank increased the dimension of interest in bitcoin through 12 investment products.
Morgan Stanley was also a major investor in a cryptocurrency company backed by Coinbase. This is the blockchain-based platform Securitize, which Morgan Stanley backed to the extent of $48 million raised in a Series B funding round.
In the current environment, it is by no means a secret anymore that Wells Fargo, JP Morgan, Goldman Sachs and virtually every major bank in the US seems to want to expand their exposure to bitcoin through various investments.
From the Editor
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