According to a filing with the US Securities and Exchange Commission (SEC), banking giant Morgan Stanley holds several shares in Grayscale Bitcoin Trust (GBTC). The pseudonymous market analyst MacroScope spread the news on Twitter.
SEC records show that over 30 Morgan Stanley funds hold large amounts of GBTC shares. The largest appears to be Morgan’s Insight Fund with over 928,051 worth around $ 36 million or over 700 Bitcoin (BTC).
But the Morgan Stanley Institutional Fund Inc, the Morgan Stanley Institutional Trust, the Morgan Stanley Variable Insurance Fund, and others also appear to have large sums of money. Back on June 28, 2021, when Bitcoin was still trading in the low $ 30,000, Morgan Stanley announced a large position in the GBTC through its Europe Opportunity Fund.
The investment was valued at $ 1.3 million, which is relatively small compared to today’s reports. At that point said MacroScope anticipated that the bank would announce its exposure to Bitcoin through an investment product.
A few months earlier, the banking giant was the first US-based financial institution to offer Bitcoin funds to its customers. With more than $ 4 trillion in assets under management, the bank seems to have increasingly relied on the crypto industry since then.
Morgan Stanley and others want a piece of Bitcoin
In addition to his large position in the Grayscale Bitcoin Trust, Morgan Stanley has invested in crypto-based companies. In April, the bank expanded its exposure to BTC across 12 investment vehicles.
The bank was also a major investor in a crypto company supported by Coinbase. Morgan Stanley led a $ 48 million Series B funding for the blockchain-based Securitize platform.
Wells Fargo, JP Morgan, Goldman Sachs, every major bank in the US seems to want to expand its Bitcoin exposure through various investments. Popular crypto exchange Coinbase has benefited from this interest as JP Morgan and other large players have bought large amounts of their shares.
Morgan Stanley’s application today could spark a new wave of adoptions, similar to the one that took the BTC price into uncharted territory in early 2021. At the time of this writing, the largest cryptocurrency by market capitalization is trading at around $ 47,100.