Bitcoin

Morgan Stanley bags over 58,000 GBTC shares as Bitcoin price shakes


As Bitcoin and other cryptocurrencies gain more credibility, many of the top picks in diverse industries are embracing the crypto community.

Many companies, including Tesla, once accepted BTC payments, and even a country like El Salvador is now using it as fiat currency. So, it is not surprising that Morgan Stanly, a large-scale US investment bank, bought shares in the Bitcoin Trust.

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at recent days DevelopmentThe bank acquired 58,000 shares of the Grayscale Bitcoin Trust. It previously owned some shares in the Trust, including 28,289 shares purchased earlier in 2021. This latest addition has increased the number of shares the bank holds across several portfolios.

The investment bank disclosed this recent purchase with an SEC filing showing that it bought the shares on July 31, 2021. At the time of writing, the Grayscale BTC Trust has a price of $32.55. The Insight Fund owns 928,051 shares representing $31.7 million worth of stock to one Morgan Stanley portfolio.

The Grayscale Bitcoin Trust is currently trading in a downward momentum | Source: GBTCUSD on TradingView.com

The bank’s April 2021 announcement added Bitcoin assets to at least 12 of its funds through the Grayscale BTC Trust as well as cash-settled futures contracts. The cumulative figure shows 6.5 million GBTC shares.

Companies That Own Grayscale’s Bitcoin Fund

Aside from Morgan Stanley, another investment bank that is driving exposure to BTC is JP Morgan. It is the second largest shareholder in GBTC, while Cathie Woods Ark Investment remains in the number one position so far.

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The company revealed in July that it had added more than 450,000 GBTC shares in two purchases. Several other companies that own GBTC stock include Goldman Sachs, JP Morgan, and BlackRock.

Featured Image from Pixabay, chart from TradingView.com



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