Morgan Stanley’s Bitcoin Exposure Through Grayscale’s GBTC Is Worth Nearly a Million Dollars
Banking giant Morgan Stanley is already exposed to Bitcoin through the largest digital asset managed, Grayscale Investments, which has $29 billion in assets under management (AUM).
According to a June 28 filing with the US SEC, the bank’s Morgan Stanley Europe Opportunity Fund Inc. owned 28,298 Grayscale Bitcoin Trust (GBTC) shares as of April 30.
At its current price of $29.25, this puts Morgan Stanley’s exposure to less than a million dollars, just over $800k, which was worth about $1.3 million at the end of April.
Morgan Stanley Europe Opportunity Fund invests in established and emerging companies throughout Europe seeking maximum capital appreciation by investing in assets that “the investment team believes are undervalued at the time of purchase.”
This year, Morgan Stanley, like many other banks, has been seeking exposure to the cryptocurrency market. Back in April, the investment bank said it is seeking Bitcoin exposure in its several funds through Grayscale and cash-settled futures.
The same month, its Bitcoin-only private fund raised just under $30 million in two weeks from 322 investors. This exposure was limited to clients with at least $2 million in net worth, and only 2.5% of it was allowed for investment.
This month, the bank also made a capital investment into a blockchain company, Securitize, a Coinbase-backed tokenization platform, where it co-led a $48 million Series B financing round.