Morgan Stanley Bags Over 58,000 GBTC Shares As Bitcoin Price Shakes

As Bitcoin and other cryptos gain more credence, many top shots in diverse industries embrace the industry.

Many companies, including Tesla, had accepted BTC payments once, and even a country like El Salvador is now using it as a legal tender. So, it’s not surprising that Morgan Stanly, an extensive American Investment bank, will buy shares of a Bitcoin Trust.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

In a recent development, the bank acquired 58,000 shares of Grayscale Bitcoin Trust. It had previously owned some shares of the Trust, including the 28,289 shares bought earlier in 2021. This latest addition has increased the number of shares that the bank holds across many portfolios.

The investment bank disclosed this latest purchase through an SEC filing showing that it bought the shares on July 31, 2021. At the time of writing, the price of Grayscale BTC Trust stands at $32.55. The bank “Insight Fund” holds 928,051 shares which depicts a $31.7 million worth of shares for one of Morgan Stanley’s portfolios.

The bank’s announcement in April 2021 has added Bitcoin assets to at least 12 of its funds through the Grayscale BTC Trust plus Cash-settled Futures. The accumulated figure shows 6.5 million GBTC shares.

Apart from Morgan Stanley, another investment bank pushing into BTC exposure is JP Morgan. It is the second-largest GBTC shareholder, while Cathie Woods Ark Investment remains in the first position to date.

Related Reading | Bitfinex To Roll Out Security Token Offerings (STOs) Platform In Kazakhstan

The firm disclosed in July that it had added over 450,000 GBTC shares in two purchases. Many others with GBTC shares include Goldman Sachs, JP Morgan, and BlackRock.