Morgan Stanley increases stake in Grayscale Bitcoin Trust

One of the largest US banks, Morgan Stanley, opened a position in the Grayscale Bitcoin Trust (GBTC) across various funds available to its clients.

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

The Morgan Stanley Insight Fund led the way, purchasing 928,051 GBTC shares. Their value stood at $27,665,000, equivalent to 0.34% of its assets under management (AUM).

In addition to the Morgan Stanley Insight Fund, other Morgan Stanley investment vehicles — Morgan Stanley Institutional Fund and Morgan Stanley Variable Insurance Fund — also held bitcoin indirectly.

Such investments can reach up to 25% of AUM, according to the documents for the SEC.

On June 25, the JPMorgan Large Cap Growth Fund acquired 62,589 shares of Coinbase. Their value was $15,853,794.

JPMorgan Large Cap Growth Fund discloses ownership of 62,589 shares of Coinbase as of June 30.

Filing:https://t.co/F4FefdUdtj

— MacroScope (@MacroScope17) August 24, 2021

In June, Morgan Stanley opened a position in the Grayscale Bitcoin Trust for $1.3 million through another subsidiary, Morgan Stanley Europe Opportunity Fund.

Earlier in March 2021 CNBC sources reported plans for Morgan Stanley to give accredited investors with at least $2 million in capital access to bitcoin funds. The bank limited investments in these instruments to 2.5% of its own capital.

A month later, in an SEC filing did not rule out adding derivatives on Bitcoin in 12 of its own funds.

In June, New York Digital Investment Group and FS Investments filed with the SEC an application to register a bitcoin fund intended for Morgan Stanley clients.

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