Morgan Stanley Doubles Bitcoin Exposure With Grayscale Stocks

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Major US investment bank Morgan Stanley has more than doubled its stake in Grayscale Bitcoin Trust since April.

According to a report by the United States Securities and Exchange Commission, or SEC, filed on September 27, the Morgan Stanley Europe Opportunity Fund, which invests in established and emerging companies across Europe, held 58,116 shares of Grayscale Bitcoin. Trust, or GBTC, as of July 31. At the time of publication, the price of GBTC is $ 34.28, making investment banks’ exposure to Bitcoin (BTC) approximately $ 2 million. Morgan Stanley said the shares cost $ 2.4 million.

Previous filings show Morgan Stanley has increased its GBTC shares by more than 105% since April. Cointelegraph reported in June that the investment bank held 28,298 GBTC, worth around $ 1.3 million at the time.

Morgan Stanley gained more exposure to BTC in 2021. The Europe Opportunity Fund aims for maximum capital appreciation by investing in high quality established and emerging European companies that the team considers undervalued at the time of purchase. .

In April, the investment bank announced it would add Bitcoin exposure to 12 investment funds via grayscale and cash-settled futures. The bank then led a $ 48 million funding round for Securitize, a tokenization platform backed by Coinbase. The action represented Morgan Stanley’s first foray into blockchain.

Related: Morgan Stanley Executive Says Bitcoin is South Park’s Kenny of Money

Ark Invest, led by CEO Cathie Wood, also has a significant investment in the Grayscale Bitcoin Trust. In July, the company announced that it had purchased more than 450,000 GBTC shares in two separate purchases. At the time of publication, Ark Invest and its institutional funds hold over 8.3 million GBTC shares, making its GBTC holdings approximately 0.69% of its portfolio.

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