By Larry Wright
Morgan Stanley is a multinational investment bank in the United States. As of 2020, the asset under management for the bank was valued at $1, 118 billion, and the revenue generated was valued at $11 billion. The bank is considered one of the biggest investment vehicles in the world. Recently, some crucial news about the cryptocurrency expansion has become the most discussed topic among investors.
A new financial filing with the Securities and Exchange Commission of the United States revealed that the bank owns a significant amount of GBTC shares. The Grayscale Bitcoin shares are a way for investors to gain exposure to the flagship cryptocurrency without having to deal in it directly. The news was first broke by a cryptocurrency alert service, MacroScope, on Twitter.
Morgan Stanley’s Massive Interest in Bitcoin is a Bullish Signal
Pseudonymous analytics MacroScope shared the official copies of the filing of Morgan Stanley. These filings reveal that several hedge funds operating under Morgan Stanley hold a massive amount of GBTC shares. The biggest reserve of GBTC stocks is present on the Insight Fund, valued at $36 million or around 710 Bitcoin units.
Other major subsidiaries like MS Variable insurance Fund, MS Institutional Trust, MS institutional Fund Inc., and many more also own a sizeable amount of GBTC shares. The first major acquisition of Bitcoin by Morgan Stanley was revealed in Jan by its Europe Opportunity Fund. At that time, Bitcoin was only valued at $30K. The Europe Opportunity Fund also invested in 28,298 GBTC shares.
The news about Morgan Stanley invested in Bitcoin shares can set the price movement for the firstborn blockchain once again through the roof. According to experts, this news can have the same impact on Bitcoin as the acquisition by Tesla had at the start of 2021. There are many other noteworthy financial institutions besides MS that have started to warm up to the Bitcoin and cryptocurrency market once again.
As per media reports, Goldman Sachs, JP Morgan, Wells Fargo, and every other big bank in the United States is looking into derivatives options for getting exposure into the Bitcoin market. One of the biggest beneficiaries of this increasing interest is Coinbase. Reportedly, banks like JP Morgan have acquired a huge amount of Coinbase shares recently.