Morgan Stanley adds more Grayscale Bitcoin Trust shares

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Morgan Stanley adds more Grayscale Bitcoin Trust shares

The asset has gone up to over $68,000 and has dropped to around $57,000 in the last 30 days despite the continued price volatility of the flagship digital asset.

One such investor is a leading investment bank in the United States, Morgan Stanley, which recently added more Grayscale Bitcoin Trust shares to its holding.

A Tuesday filing from the United States Securities and Exchange Commission SEC revealed that the investment bank's Insight Fund expanded its holdings of Grayscale Bitcoin Trust shares by more than 63% during the second quarter of this year. The bank's holdings in GBTC shares stood at 928,051 per filing, but grew to 1,520,549 as of September 30.

The filings show an increase of 71% from the previous period when compared to its GBTC Growth Portfolio in the third quarter. Morgan Stanley Global Opportunity Portfolio grew by 59% from 919,805 to 1,463, 714 in three months.

The bank holds over 6.5 million GBTC shares across three of its major funds, which are worth approximately $303 million. At press time, GBTC shares were changing hands for around $46.

Through these portfolios and funds, Morgan Stanley is able to gain indirect exposure toBitcoin. In September, we reported that one of the funds, the Morgan Stanley Europe Opportunity Fund, owns over 58,000 shares of GBTC. The fund has recently increased its exposure to the king of cryptocurrencies, and it appears that it is not one of those that has recently increased its exposure to the king of cryptocurrencies.

Aside from its GBTC investment, the company is making other inroads into the industry as it announced a research department that would be focused on how the firm can tap into the growing significance of cryptocurrencies and other digital assets in global markets. The bank's leading strategist, Sheena Shah, stated recently that the bank could be looking to capitalize on the increasing demand for stable coin deposits.