2021-8-27 13:20 |
American multinational investment bank and financial services company Morgan Stanley has been generously investing in the Grayscale Bitcoin Trust (GBTC), a recent filing with the US Securities and Exchange Commission (SEC) shows.
To feed its increasing appetite for crypto, the Wall Street giant opted for a “traditional investment vehicle” that enables investors to gain exposure to the Bitcoin (BTC) price movement.
A major disclosureAccording to the August 25 filing with the SEC, the banking giant reported its exposure to Bitcoin via the GBTC, America’s fav institutional, regulated product offered by Grayscale Investments that holds a fraction of the world’s largest crypto per publicly traded share, enabling investors to enter the market in a safer, more traditional manner.
While citing the SEC filing, popular market analyst MacroScope broke the news on Twitter, revealing that the Wall Street giant recently reported owning a large amount of Grayscale Bitcoin across multiple portfolios, with Morgan’s Insight Fund holding the largest amount of shares.
In SEC filings, Morgan Stanley has just reported owning a large amount of Grayscale Bitcoin across multiple portfolios.
The largest of these appears to be 928,051 shares held by Morgan's Insight Fund.
These are major disclosures.
Link to all filings:https://t.co/Vi4iiBa5J5 pic.twitter.com/FZfU8qS0TX
— MacroScope (@MacroScope17) August 25, 2021
With 928,051 shares held, Morgan’s Insight Fund has exposure to over 870 Bitcoin, amounting to $36,1 million worth of GBTC shares.
Crypto exposure and fundsMorgan Stanley added Bitcoin exposure across its multiple funds via cash-settled futures and the GBTC earlier this year.
According to the Grayscale website, each GBTC share currently holds 0.000937863 Bitcoin, amounting to just over $44 at the press time price of the cryptocurrency, while the share itself trades just over $39, reflecting a substantial premium.
The leading crypto asset management company spread its investment service tentacles to the decentralized finance (DeFi) sector last month as it announced the launch of a new DeFi Fund.
Grayscale’s second-ever diversified investment product is set to enable investors to invest in DeFi protocols like UniSwap, Aave, and Compound.
Meanwhile, a recent CoinShares report revealed last week’s fund flows and according to the digital asset investment firm, the warmed-up investor sentiment favors alts over Bitcoin, which saw its seventh straight week of outflows totaling $2.8 million.
“Flows across product providers remained mixed, with some continuing to post outflows for the week while others in both North America and Europe posted inflows,” read the report, which revealed Grayscale exited the week ending August 23 with a zero.
The post Morgan Stanley holds over $36 million worth of Bitcoin (BTC) via Grayscale appeared first on CryptoSlate.
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