The large US investment bank Morgan Stanley has more than doubled its stake in the Grayscale Bitcoin Trust since April.
The Morgan Stanley Europe Opportunity Fund, which invests in established and emerging companies across Europe, holds 58,116 shares in the Grayscale Bitcoin Trust, or GBTC, as of July 31, according to a report by the U.S. Securities and Exchange Commission dated September 7-20. At press time, the GBTC was priced at $ 34.28. This brings the investment bank to a total investment in Bitcoin (BTC) of around 2 million US dollars. Morgan Stanley reported that the shares had cost the bank $ 2.4 million.
Previous documents show that Morgan Stanley has bought over 105 percent more shares in GBTC since April. Cointelegraph reported in June that the investment bank held 28,298 GBTC shares, which were worth approximately $ 1.3 million at the time.
Morgan Stanley invested more and more in Bitcoin in 2021. The company’s Europe Opportunity Fund seeks to maximize capital gains by investing in “high quality, established and emerging” European companies that the team believes are “underestimated at the time of purchase”.
In April, the investment bank announced it would add bitcoin to twelve mutual funds. That should be done through grayscale and cash settled futures. The bank later led a $ 48 million financing round for Securitize. This is a tokenization platform financed by Coinbase. This move marked Morgan Stanley’s first major blockchain investment.
In this context: Morgan Stanley: Bitcoin is like “Kenny from South Park”
Ark Invest has also made a significant investment in the Grayscale Bitcoin Trust under its CEO, Cathie Wood. In July, the company announced it had bought over 450,000 shares in GBTC. At press time, Ark Invest and its institutional funds hold over 8.3 million GBTC shares. This means that the GBTC holdings make up around 0.69 percent of the portfolio.