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As of Sept. 30, the investment firm’s Bitcoin exposure across three large funds was around $303 million, with 6,626,381 shares.
Morgan Stanley’s investment funds have extended their exposure to Bitcoin by purchasing shares of Grayscale Bitcoin Trust.
According to filings from the United States Securities and Exchange Commission on Tuesday, the Morgan Stanley Insight Fund increased its holdings of Grayscale Bitcoin Trust, or GBTC, shares more than 63%, from 928,051 in the second quarter of 2021 to 1,520,549 as of Sept. 30. In addition, filings on the firm’s Growth Portfolio show it holding 3,642,118 GBTC shares in the third quarter of 2021, an increase of 71% when compared with 2,130,153 shares as of Q2. The Morgan Stanley Global Opportunity Portfolio held 1,463,714 GBTC, a 59% increase from 919,805 shares in three months.
The price of GBTC is $45.72 at the time of publication, giving the investment bank a total exposure to Bitcoin (BTC) of $303 million with 6,626,381 shares as of Sept. 30. For all of September, the BTC price remained below $50,000, but the crypto currency has since risen to an all-time high of $69,000 before falling back to the $56,000s.
The respective portfolios and funds allow Morgan Stanley to gain exposure to Bitcoin (BTC) without investing directly in the cryptocurrency. Grayscale Bitcoin Trust’s shares have more than doubled since April, according to the firm’s Europe Opportunity Fund, which invests in established and growing companies across Europe. However, at the time of publication, the fund had not disclosed any further BTC exposure.
Morgan Stanley appears to be sinking its toes deeper into the crypto world, whether indirectly through Grayscale or directly through funding blockchain platforms. The firm said in September that it would create a crypto-focused research section to investigate the “increasing importance of cryptocurrencies and other digital assets in global markets.”