BITCOIN

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


As Bitcoin and other cryptos gain more credibility, many top shots from different industries embrace the crypto community.

Many companies, including Tesla, once accepted BTC payments, and even a country like El Salvador is now using it as a legal tender. So, it’s no surprise that Morgan Stanley, a broad-based American investment bank, will buy shares in a Bitcoin trust.

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In a recent development, the bank acquired 58,000 shares of Grayscale Bitcoin Trust. It previously owned some of the trust’s shares, including 2,29 bought in 2021.

Investment Bank has disclosed this latest purchase through an SEC filing which shows that it bought the shares on July 31, 2021. At the time of writing, the Grayscale BTC Trust is valued at 32 32.55. The bank’s “Insight Fund” holds 928,051 shares, representing ান 31.7 million in shares for a portfolio of Morgan Stanley.

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

The bank announced in April 2021 that Bitcoin assets have been added to at least 12 funds through Grayscale BTC Trust Plus Cash-Satellite Futures. The stored figure shows 6.5 million GBTC shares.

Company holding Grayscale Bitcoin Trust

In addition to Morgan Stanley, another investment bank rushing towards BTC exposure is JP Morgan. It is the second largest GBTC shareholder, while Cathy Woods Arc Investments is in the first position to date.

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The company revealed in July that it had added 450,000 GBTC shares to the two purchases. Many more, including GBTC shares, include Goldman Sachs, JPMorgan and BlackRock.

Featured Image from Pixabay, chart from TradingView.com



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