Morgan Stanley raises its bet on Bitcoin: buys more than a million shares of Grayscale
Wall Street investment megabank Morgan Stanley has been actively betting on digital currencies in recent months and has now decided to increase its exposure to Bitcoin with a large investment in the Grayscale fund.
According to public documents from the Securities and Exchange Commission (SEC), Morgan Stanley increased its indirect exposure to Bitcoin by purchasing more than one million shares of Grayscale Bitcoin Trust (GBTC), valued at around $40 million. .
Notably, GBTC is one of the largest Bitcoin investment funds in the world. Launched by asset manager Grayscale in 2013, it allows investors to indirectly access the flagship cryptocurrency – that is, without the challenges of physically buying, storing, and safeguarding it.
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The filings with the SEC, dated August 25, 2021, reveal that Morgan Stanley, the world’s third-largest wealth manager, owns a large number of Grayscale Bitcoin Trust shares in more than 30 portfolios.
It is not the first time that Morgan Stanley has invested in Grasycale’s Bitcoin fund. In June, the banking giant was reported to have acquired 28,289 GBTC shares, worth $1.3 million, through its Europe Opportunity Fund.
In recent months, Morgan Stanley has been increasingly active in the cryptocurrency space to meet the growing demand from its clients.
In March, the firm debuted bitcoin mutual fund products for high-net-worth clients. Then the following month, the bank began allowing a handful of its funds to indirectly invest in Bitcoin through cash-settled futures contracts and the GBTC fund.