Morgan Stanley Bags Over 58,000 GBTC Shares As Bitcoin Price Shakes
September 28 2021 - 9:59AM
NEWSBTC
As Bitcoin and other cryptos gain more credence, many top shots in
diverse industries embrace the crypto community. Many companies,
including Tesla, had accepted BTC payments once, and even a country
like El Salvador is now using it as a legal tender. So, it’s not
surprising that Morgan Stanly, an extensive American Investment
bank, will buy shares of a Bitcoin Trust. Related Reading
| New To Bitcoin? Learn To Trade Crypto With The NewsBTC
Trading Course In a recent development, the bank acquired 58,000
shares of Grayscale Bitcoin Trust. It had previously owned some
shares of the Trust, including the 28,289 shares bought earlier in
2021. This latest addition has increased the number of shares that
the bank holds across many portfolios. The investment bank
disclosed this latest purchase through an SEC filing showing that
it bought the shares on July 31, 2021. At the time of writing, the
price of Grayscale BTC Trust stands at $32.55. The bank “Insight
Fund” holds 928,051 shares which depicts a $31.7 million worth of
shares for one of Morgan Stanley’s portfolios. The Grayscale
Bitcoin Trust is currently trading in a downward momentum | Source:
GBTCUSD on TradingView.com The bank’s announcement in April 2021
has added Bitcoin assets to at least 12 of its funds through the
Grayscale BTC Trust plus Cash-settled Futures. The accumulated
figure shows 6.5 million GBTC shares. Companies Holding Grayscale’s
Bitcoin Trust Apart from Morgan Stanley, another investment bank
pushing into BTC exposure is JP Morgan. It is the second-largest
GBTC shareholder, while Cathie Woods Ark Investment remains in the
first position to date. Related Reading | Bitfinex To Roll Out
Security Token Offerings (STOs) Platform In Kazakhstan The firm
disclosed in July that it had added over 450,000 GBTC shares in two
purchases. Many others with GBTC shares include Goldman Sachs, JP
Morgan, and BlackRock. Featured Image from Pixabay, chart from
TradingView.com
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