Morgan Stanley Files for Bitcoin Exposure in 12 of its Funds; Up to 25% of Total Assets


Investment banking giant Morgan Stanley has filed with the SEC to gain Bitcoin exposure in the form of Grayscale’s Bitcoin Trust (GBTC) or cash-settled futures for a dozen of its funds.

The twelve funds involved are Advantage Portfolio, Asia Opportunity Portfolio, Counterpoint Global Portfolio, Developing Opportunity Portfolio, Global Advantage Portfolio, Global Permanence Portfolio, Global Opportunity Portfolio, Growth Portfolio, Inception Portfolio, International Advantage Portfolio, International Opportunity Portfolio, and Permanence Portfolio. The document states,

“Certain Funds may have exposure to bitcoin indirectly through cash settled futures or indirectly through investments in Grayscale Bitcoin Trust (BTC) (“GBTC”), a privately offered investment vehicle that invests in bitcoin. To the extent a Fund invests in bitcoin futures or GBTC, it will do so through a wholly-owned subsidiary, which is organized as an exempted company under the laws of the Cayman Islands (each, a “Subsidiary”). A Fund may at times have no exposure to bitcoin.”

It further notes that consistent with their principal investment strategies, each of these subsidiaries may invest up to 25% of its total assets in the wholly-owned subsidiary of the Fund.

“Each Subsidiary may invest in GBTC, cash-settled bitcoin futures and other investments.”

Last month, Morgan Stanley, which increased its stake in bitcoin-invested MicroStrategy earlier this year, said it would start offering its wealthier clients, with at least $2 million in assets and “aggressive risk tolerance” get access to bitcoin-related funds.

In an investor note, the bank further called Bitcoin, an “investable asset class” and that “we are only in the top of the first inning.”

Yesterday, we reported that another banking giant Goldman Sachs would also begin to offer its wealthy clients access to bitcoin from this quarter.

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