Morgan Stanley Holds 28,000 Shares of Grayscale Bitcoin Trust Worth Of $800,000,
Morgan Stanley is a Wall Street Investment Bank that owns a significant amount of assets related to bitcoin, according to details filed with the U.S SEC.
The assets were reportedly disclosed in the monthly portfolio investment report submitted to the U.S Securities and Exchange Commission.
The report submitted to SEC describes Morgan Stanley’s various investments, one of which is Grayscale’s Bitcoin Trust. While at the time of filing, the bank held about 28,289 shares of the Bitcoin Fund, valued at over $1.23 million, but with that number corrected, the total valuation fell to about more than $800,000.
The banking giant has made a big bet on Bitcoin this year. Morgan Stanley also bought a 10.9% stake in MicroStrategy this January, a business intelligence company Microstrategy is in the news while it continues accumulating Bitcoin.
In February, the Bank of America’s investment department considered adding bitcoin to its list of hedges. The move comes after Tesla reportedly bought $1.5 billion in bitcoin.
Moving further on June 21, Morgan Stanley also entered the crypto industry by investing $48 million in a Securitize blockchain startup.
Grayscale Reportedly holds more than 3% of all BTC
While the Institutional Momentum is an initial and a main stimulus for the 2021 crypto bull market. But also according to management statistics, some indications suggest demand will slow as assets decline with increased outflow.
According to the latest report released on June 28, Grayscale is the largest crypto asset manager with a total of 30 billion in its asset management.
The company owns 654,600 BTC, equating to about 3.1% of the total distribution. While the BTC Trust holds 74% of Crypto Asset Fund in its portfolio, valuing $22.8 billion. By comparison, MicroStrategy accounts for 105,085 BTC or merely just 0.5% of the total distribution.
Coinshare reports that the company has seen a huge influx of funds from bitcoin products over the past six weeks. However, its latest update reveals that last week it dropped to just $1.3 million. It was down from $89 million from the previous week.
While Grayscale returned at $1.3 million on BTC last week. At the time of the press conference, CoinGecko reported assets that were up 2% at $35,180. With 40,000 as the next target is the mental immune barrier.
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