According to a filing with the U.S. Securities and Exchange Commission (SEC), banking giant Morgan Stanley owns a sizable stake in Grayscale Bitcoin
Trust (GBTC). Such information was provided via Twitter by a pseudonymous MacroScope market analyst. Sponsored Sponsored
show that more than 30 Morgan Stanley funds own large amounts of GBTC shares. The largest appears to be the Morgan Insight Fund. It holds more than 928,051 shares worth about $36 million or more than 700 Bitcoin (BTC).
That’s not all, however. Also holding sizable stakes in Grayscale are Morgan Stanley Institutional Fund Inc, Morgan Stanley Institutional Trust, Morgan Stanley Variable Insurance Fund and others.
Back on June 28, 2021, when bitcoin still cost around $30,000, Morgan Stanley disclosed a large position in GBTC made through its Europe Opportunity Fund. The bank owned 28,298 shares at the time. The investment was valued at $1.3 million, which was relatively small compared to current holdings. At that point, MacroScope had already predicted that the bank would soon disclose exposure to Bitcoin
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
A few months earlier, the banking giant became the first U.S. financial institution to offer its clients exposure to Bitcoin funds. The bank, which has over $4 trillion in assets under management (AUM), has now all but confirmed its interest in the industry.
Morgan Stanley isn’t the only one looking to bite a piece of the pie
In addition to its large position in the Grayscale Bitcoin Trust, Morgan Stanley invests in cryptocurrency-based companies. In April, the bank increased its exposure
to BTC through 12 investment vehicles.
blockchain platform Securitize.
Wells Fargo, JP Morgan, Goldman Sachs – it seems that every major bank in the US is looking to expand their Bitcoin exposure through various investments. This interest has benefited the popular cryptocurrency exchange Coinbase,. JP Morgan and other major players have purchased significant amounts of its stock.
Today’s announcement by Morgan Stanley may trigger a new wave of adoption, similar to the one that took the price of BTC into uncharted territory in early 2021. At the time of this writing, the first cryptocurrency by market capitalization is trading at $48,825. BTC is at 1.1% upside on an intraday basis and 9.6% on a weekly basis.
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