Morgan Stanley funds add to Bitcoin exposure, SEC documents say

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In new documents filed with the U.S. Securities and Exchange Commission (SEC), banking giant Morgan Stanley revealed that some of its funds added Bitcoin exposure in the third quarter.

For the period ending September 30, Morgan Stanley’s Growth Portfolio Fund, for example, added 1.5 million shares of Grayscale Bitcoin Trust (GBTC). Likewise, its Insight Fund added nearly 600,000 shares over the period.

Other Morgan Stanely funds have also added exposure, suggesting Morgan Stanley fund managers are increasingly comfortable adding Bitcoin to their portfolios.

The documents filed with the SEC were first highlighted by the Macroscope Twitter account.

The exits come at a time when Morgan Stanley CEO James Gorman has been more outspoken about Bitcoin and other crypto investments, saying in October that he doesn’t think “crypto is a fad.”

The comments suggest a new openness to crypto assets, although they demonstrate that Gorman is far from educated on how Bitcoin on its own provides the basis for a decentralized alternative to today’s government-controlled financial systems. hui.

Traded on the OTCQX market since 2013, the Grayscale Bitcoin Trust allows institutional and high net worth investors to gain exposure to Bitcoin, although there is a 12 month hold period for stocks.

The deposit is also notable, according to Barron’s, the GBTC offering has been struggling lately. As noted in the report, Bitcoin has outperformed the fund so far in 2021 at a time when GBTC faced competition from the new Bitcoin futures ETFs now available to institutional investors.

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