Morgan Stanley ups the ante on bitcoin and invests more than $35 million in Grayscale

Key facts

:

  • Morgan Stanley owns 928,000 shares of Grayscale Bitcoin Trust, equivalent to USD 36 million.

  • A few months ago, the amount invested in this fund barely exceeded USD 1 million.

US bank Morgan Stanley has increased its investments in bitcoin through the Grayscale Bitcoin Trust fund. Until June, it had a smaller sum invested in this product, but now the figure has risen to USD 36 million, representing 0.34% of the entity’s investment portfolio.

The information was released in a report filed

with the U.S. Securities and Exchange Commission (SEC). Although the report was filed on June 30, it was not until a few hours ago that it became available.

In the report, Morgan Stanley states that it owns 928,051 shares of Grayscale Bitcoin Trust. According to Grayscale’s official

website, these shares are trading at USD 39 at the time of writing. This means that the total invested by the US bank amounts to USD 36,193,989 at present.

This figure is much higher than the one reported by the bank in its previous report. As reported by CryptoNews at the end of June 2021, the Grayscale shares that Morgan Stanley owned were 28,289, which was equivalent to USD 1,325,339 according to their value at the time, which averaged USD 29. It can be seen, therefore, a growing interest of the bank in cryptocurrencies, and more specifically in bitcoin

(BTC).

The Grayscale Bitcoin Trust is a tool offered by Grayscale, a digital asset investment management company, to institutional investors. Its main purpose is to offer exposure to cryptocurrencies but in an indirect way, that is, by acquiring shares of the company. According to BuyBitcoin WorldWide data, Grayscale Bitcoin Trust holds 654,600 BTC in its possession, which today is equivalent to USD 31,259,113,800 according to the CryptoNews price index

. Morgan Stanley ups the ante on bitcoin and invests more than $35 million in Grayscale Morgan Stanley ups the ante on bitcoin and invests more than $35 million in Grayscale According to its website, Grayscale Bitcoin Trust has more than USD 31.2 billion under management. Source: Grayscale.

Morgan Stanley does not hide its interest in bitcoin

This bank, one of the most important in the U.S., is one of

the largest in the world.The company frequently expresses its positive assessment of cryptocurrencies. Far from remaining passive and hands-off, Morgan Stanley encourages institutional investors to invest in cryptoassets. In fact, the bank has expressed the need for the financial sector to meet the demand of its customers on this type of investment products.

But as well as saying it “out loud”, it has also led by example. Without going any further, in March 2021 Morgan Stanley announced that it would offer its customers the possibility of investing in bitcoin through various investment funds. Finally, in April it filed a petition with the SEC for 12 mutual funds that the bank offers to have exposure to cryptocurrencies, either through the Grayscale Bitcoin Trust or cash-settled futures.