Morgan Stanley Discloses Holding More than 5.8 Million GBTC Shares

2021-8-27 16:36

In its filing with the US Securities and Exchange Commission (SEC), banking giant Morgan Stanley revealed that it owns a large amount of Grayscale Bitcoin Trust (GBTC) shares, currently trading at $39.12, at a 13.36% discount to Bitcoin, which is hovering around $47k.

GBTC continues to trade at a discount to NAV despite #bitcoin rallying since mid-July pic.twitter.com/wrg8WlONFF

— skew (@skewdotcom) August 17, 2021

Morgan Stanley owns GBTC shares across multiple portfolios, with the largest 928,051 shares held by its Insight Fund.

Twelve separate mentions of Morgan Stanley Institutional Fund Inc show a collective 4,772,064 GBTC shares, while two of the three Morgan Stanley Variable Insurance Fund Inc. owns a total of 179,703 GBTC shares.

Overall, the bank owns 5,879,818 GBTC shares worth $230 million.

Additionally, all of the Morgan Stanley Institutional Fund Trust shows 611,868 GBTC shares in the filing.

Back in late June, when BTC was trading in the below $30,000s, Morgan Stanley had also disclosed a position worth $1.3 million in GBTC via their Europe Opportunity Fund.

With trillions of dollars in assets under its management, Morgan Stanley is one of the biggest traditional participants to explore cryptocurrencies and investing in crypto infrastructure.

Competitors Wells Fargo, JPMorgan, and Goldman Sachs, are also investing in the crypto space and planning to offer their clients access to cryptocurrencies.

The post Morgan Stanley Discloses Holding More than 5.8 Million GBTC Shares first appeared on BitcoinExchangeGuide.

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