Morgan Stanley Raises Its Holdings On Grayscale Bitcoin Trust

Synopsis

  • Morgan Stanley, one of the biggest US investment banks, increased GBTC’s holding in Morgan Stanley Europe Opportunity Fund to 1% of assets under management in the third quarter.
  • According to the SEC website, the entity owned 83,803 GBTC shares worth $5.14 million as of October 31.
  • In 2022, the market is likely to maintain its upward trend.

Morgan Stanley, one of the biggest US investment banks, increased GBTC’s holding in Morgan Stanley Europe Opportunity Fund to 1% of assets under management in the third quarter.

According to the SEC website, the entity owned 83,803 GBTC shares worth $5.14 million as of October 31. It possessed 58,116 and 28,289 shares of the bitcoin trust, respectively, according to the results of the second and third quarters.

Morgan Stanley Growth Portfolio, Morgan Stanley Insight Fund, and Morgan Stanley Global Opportunity Portfolio were all rebalanced by ForkLog in November.

In 2022, the market is likely to maintain its upward trend.

As a reminder, in October, the investment bank prohibited wealth management division personnel from recommending ProShares bitcoin ETF futures to customers. Previously, CEO James Gorman stated that there was minimal interest in bitcoin among customers.

Morgan Stanley has already begun to put up a team to investigate the impact of cryptocurrencies on equities and fixed-income products.

James Gorman Bullish On Bitcoin

The statements come as Morgan Stanley CEO James Gorman has grown more outspoken regarding Bitcoin and other cryptocurrencies. “Crypto is not a fad,” he asserted in October.

The comments reflect a growing openness to digital assets. However, they reveal Gorman’s ignorance of how Bitcoin alone may give a decentralised alternative to today’s government-controlled financial systems.

With a 12-month holding period, the Grayscale Bitcoin Trust, which has been traded on the OTCQX market since 2013, allows institutional and high-net-worth investors to have exposure to Bitcoin.

The filing is particularly important since, according to Barron’s, the GBTC offering has recently suffered.

According to the analysis, Bitcoin has outperformed the fund so far in 2021, at a time when new Bitcoin futures ETFs have been available to institutional investors.

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