Morgan Stanley doubles Bitcoin holdings via Grayscale Trust
US financial giant Morgan Stanley is banking on Bitcoin as suggested by its recently submitted documents to the US SEC detailing its portfolio adjustments. The documents revealed that it has more than doubled its holdings in Grayscale’s Bitcoin investment trust (GBTC) since April.
It was disclosed that the European Opportunity Fund managed by Morgan Stanley has increased the holdings of Bitcoin investment trusts. The fund primarily invests in start-up companies in the European region.
The fund started investing in GBTC around April and garnered more than 28,000 shares of the GBTC at the time. The total shares were valued at $1.3 million in April.
However, with the new purchase, the total holdings have increased by more than 105%, amounting to 58,116 shares. At press time, each share was valued at $34.18, taking its total investments to roughly $2 million.
Grayscale’s Bitcoin Investment Trust currently holds 650,000 BTC, roughly 3% of the total Bitcoin supply. It is the largest investment trust amongst several ETFs (Exchange Traded Funds) and Bitcoin funds of similar nature.
On-chain analyst Ecoinometrics recently published a report that revealed that Bitcoin owned by companies and governments accounts for about 7.9% of its supply.
The post Morgan Stanley doubles Bitcoin holdings via Grayscale Trust appeared first on Our Bitcoin News.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow
