August 9, 2022

Breaking: Morgan Stanley Owns Over 1 Million Shares In Grayscale Bitcoin Trust

2 min read

Per a filing with the U.S. Securities and Exchange Commission (SEC), banking huge Morgan Stanley holds numerous shares of the Grayscale Bitcoin Trust (GBTC). Pseudonym market expert MacroScope broke the news via Twitter.

The SEC files indicated that over 30 Morgan Stanley funds hold large quantities of GBTC shares. The most significant appears to be Morgan’s Insight Fund with over 928,051 worth around $36 million or over 700 Bitcoin (BTC).

However, the Morgan Stanley Institutional Fund Inc, the Morgan Stanley Institutional Trust, the Morgan Stanley Variable Insurance Fund, and others appear to have big quantities too.

Back on June 28th, 2021, when Bitcoin was still selling the low $30,000 s, Morgan Stanley revealed a huge position on the GBTC via their Europe Opportunity Fund.

As reported by Bitcoinist, the bank owned 28,298 shares. The investment was valued at $1,3 million, fairly small compared to today’s filings.

At that minute, MacroScope forecasted that the bank would disclose exposition to Bitcoin through a financial investment item.

< script async src ="https://platform.twitter.com/widgets.js"charset="utf-8" > A few months previously, the banking huge became the very first U.S.-based financial institution to offers its clients exposition to Bitcoin funds. With over $4 trillion in properties under management (AUM), the bank has been doubling down on the crypto industry seems that minute.

Morgan Stanley And Others Want A Piece Of Bitcoin

In addition to its Grayscale Bitcoin Trust big position, Morgan Stanley has actually been buying crypto-based companies. In April, the bank added more BTC exposition through 12 investment automobiles.

Also, the bank was a significant financier in a crypto business supported by Coinbase. Morgan Stanley led a $48 million Series B financing of blockchain-based platform Securitize.

Wells Fargo, JP Morgan, Goldman Sachs, every major bank in the U.S. appears to wish to expand their Bitcoin exposition via different financial investments.

Popular crypto exchange Coinbase has benefited from this interest as JP Morgan and other major players bought big quantities of its shares.

Today’s filing by Morgan Stanley might activate a new wave of adoption, similar to the one that took BTC’s rate into uncharted territory at the start of 2021.

At the time of composing, the first cryptocurrency by market cap trades at $48,825 with a 1.1% and a 9.6% earnings in the everyday and 7-day charts, respectively.

Bitcoin BTC BTCUSD Morgan Stanley
BTC on a rally in the day-to-day chart. Source: BTCUSD Tradingview