Grayscale Bitcoin Fund

by baaaawz

The long-standing denial of Bitcoin and cryptocurrencies by Morgan Stanley and every other bank on the globe has finally been reversed. Few months ago, this large financial institution took on the role of salesperson, promoting Bitcoin to many large financial institutions throughout the country. Through Grayscale Investments, a European hedge fund, Morgan Stanley said today that it had considerably expanded its Grayscale Bitcoin Fund.

The Grayscale Bitcoin Fund has Tens of Thousands of Shares

Morgan Stanley, a prominent fund manager, got enthused about cryptocurrencies in late 2018 and has since shown a strong interest in Bitcoin (BTC).

On July 31, 2021, it was discovered that Morgan Stanley’s Europe Opportunity fund reported owning 58,116 shares in Grayscale Bitcoin Trust (GBTC), according to a recent filing with the United States Securities and Exchange Commission (SEC).

Grayscale Bitcoin Fund shares, which are based on the company’s acquisition of actual Bitcoins, allow institutional investors to sidestep the tough problem of holding and owning cryptocurrencies (in this case, Bitcoin) while still having real Bitcoins as an underlying asset.

It is worth little more than $2 million to own a share in the Grayscale Bitcoin Fund, which has more than quadrupled in value in a very short period of time. Even more impressively, the Europe Opportunity fund had only 28,289 shares in Grayscale Bitcoin Trust as of its most recent SEC filing earlier this year.

In any event, Morgan Stanley’s – as well as its institutional customers’ – excitement for the cryptocurrency king appears to be rather high. To that end, in late August, the Twitter account @MacroScope17 disclosed that a fund managed by Morgan Stanley Insight had over 1 million shares of Grayscale Bitcoin Trust: 

“Morgan Stanley only stated that it holds a substantial number of Grayscale Bitcoin Trusts in many of its portfolios in filings filed with the Securities and Exchange Commission (SEC) last week. This includes 928,051 shares [GNTC] held by Morgan Stanley Insight Fund, which is the company’s largest holding.”

The acquisition of more and more Bitcoins by Morgan Stanley appears to be a step forward. The organization has in fact been instrumental in raising $48 million to support the development of Securitize, a cryptocurrency startup that provides a service that enables businesses to obtain capital through the issue of tokenized securities.

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