Morgan Stanley is the largest financial services firm in the United States, offering mergers and acquisitions, share and bond placements, stock and other exchange trading, and asset control and management.
Morgan Stanley has invested significantly in Grayscale’s product, the Grayscale Bitcoin Trust (GBTC) digital currency. GBTC is an investment vehicle that allows investors to buy and trade bitcoins without owning the underlying cryptocurrency. It is the OTCQX’s first publicly traded Bitcoin investment vehicle, and it has been reported to the SEC since January 2020.
According to SEC filings, Morgan Stanley conducted this investment round before the reporting period on June 30 through four different funds. Morgan Stanley Insight Fund, Morgan Stanley Investment Fund, Morgan Stanley Trust Fund, and Morgan Stanley Variable Insurance Fund are examples of mutual funds. At a Bitcoin exchange rate of around $ 30,000, the funds purchased a total of 6,491,686 GBTC shares for $ 253.17 million.
Morgan Stanley’s massive investment in GBTC coincided with the desire of large banks to integrate cryptocurrency by the end of this year. According to leaked information, financial behemoth Citigroup, one of the US Big Four banks, is also working to ensure that institutional clients can use its bitcoin futures products.