Morgan Stanley increased exposure to Bitcoin, held $300M in Grayscale shares

Investment funds from main U.S. funding financial institution Morgan Stanley have increased their exposure to Bitcoin by purchases of shares of Grayscale Bitcoin Trust.

According to filings from the United States Securities and Exchange Commission on Tuesday, the Morgan Stanley Insight Fund increased its holdings of Grayscale Bitcoin Trust, or GBTC, shares greater than 63%, from 928,051 in the second quarter of 2021 to 1,520,549 as of Sept. 30. In addition, filings on the agency’s Growth Portfolio show it holding 3,642,118 GBTC shares in the third quarter of 2021, a rise of 71% in comparison with 2,130,153 shares as of Q2. The Morgan Stanley Global Opportunity Portfolio held 1,463,714 GBTC, a 59% improve from 919,805 shares in three months.

At the time of publication, the worth of GBTC is $45.72, making the funding financial institution’s exposure to Bitcoin (BTC) throughout these three funds roughly $303 million with 6,626,381 shares as of Sept. 30. The BTC worth was beneath $50,000 for a lot of September, however the crypto asset has since reached an all-time high price of $69,000 earlier than sliding again to the $56,000s.

The respective portfolios and funds enable Morgan Stanley to acquire exposure to Bitcoin (BTC) with out investing immediately in the cryptocurrency. Cointelegraph reported in September that the agency’s Europe Opportunity Fund, which invests in established and rising corporations all through Europe, greater than doubled its shares of Grayscale Bitcoin Trust since April. However, the fund has not reported extra BTC exposure on the time of publication.

Related: Grayscale hints at plans to convert Bitcoin trust into BTC-settled ETF

Whether investing not directly by Grayscale or by backing blockchain platforms, Morgan Stanley appears to be dipping its toes deeper into the crypto area. In September, the agency introduced it could be setting up a crypto-focused research division aimed toward exploring the “growing significance of cryptocurrencies and other digital assets in global markets.”

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