Morgan Stanley doubles exposure to crypto through Grayscale Shares
Morgan Stanley, a major American financial firm, has more than quadrupled its holdings in Grayscale Bitcoin Trust since April.
The Morgan Stanley Europe Opportunity Fund, which invests in known and developing firms throughout Europe, held 58,116 shares of the Grayscale Bitcoin Trust, or GBTC, as of July 31, according to a report filed with the United States Securities and Exchange Commission or SEC. GBTC’s price is $ 34.28 at the time of writing, bringing the investment bank’s exposure to Bitcoin (BTC) to roughly $ 2 million; Morgan Stanley claimed that the stock was priced at $ 2.4 million.
According to prior information, Morgan Stanley has raised its investments in GBTC in GBTC since April. According to previous disclosures. According to Bitdenex, the investment bank had 28,298 GBTC, valued at $1.3 million at the time.
Morgan Stanley is increasing its exposure to Bitcoin Cash (BTC) in 2021. The firm’s Europe Opportunity Fund seeks to maximize capital appreciation by investing in “high quality established and developing” European firms that the team believes are “undervalued at the time of purchase.”
The investment bank announced in April that it would use cash-settled, grayscale futures to provide exposure to bitcoin in 12 investment vehicles. Morgan Stanley went on to lead a $48 million fundraising round for Securitize, a Coinbase-backed tokenization platform, marking the bank’s first financial investment in blockchain.
Cathie Wood, the CEO of Ark Invest, has a large stake in the Grayscale Bitcoin Trust. The company said in July that it had bought over 450,000 GBTC shares in two separate transactions. Ark Invest and its institutional funds had more than 8.3 million GBTC shares at the time of publishing, accounting for 0.69 percent of its portfolio.