Nearly 1 million shares of Grayscale Bitcoin Trust are owned by Morgan Stanley
Morgan Stanley is the US’s largest investment bank. It was established in 1935. The headquarters are located in Manhattan. Morgan Stanley, a long-standing firm, is thrilled to embrace new technology. Recent reports suggest that Morgan Stanley may have nearly one million shares in Grayscale Bitcoin Trust.
This amounts to almost $36 million and accounts for approximately 700 Bitcoins. It is not as large as the holdings of Microstrategy or Tesla, but it is still significant.
BREAKING: Morgan Stanley has just reported owning a large amount of Grayscale #Bitcoin Trust
Morgan’s Insight Fund holds 928,051 shares. This is the largest.
(h/t @MacroScope17) pic.twitter.com/puY0X3wpjS
– Blockworks (@Blockworks_) August 25, 2021
Bitcoinist reported that Morgan Stanley had 28,298 shares in the trust before the recent reports about Morgan Stanley owning $1 million worth of Bitcoin trust shares. This amounts to approximately $1.3 million. It is not even close to the current amount. It is plausible that they hold such a large amount of cryptocurrency, as they embrace blockchain technology and offer services to clients.
Grayscale is better than Bitcoin.
Morgan Stanley could have bought Bitcoin directly if they wanted. The reason for trusting Grayscale is straightforward. Grayscale Bitcoin Trust shares were selling at a significant discount because of the falling price of BTC. In a way, the trust allows them to get more bitcoins for the same amount of money. Additionally, trust investments can help with taxes and other benefits that direct crypto investments don’t offer. They also have the option to not worry about mining their own coins, and everything is left up to Grayscale.
Morgan Stanley is all about Bitcoin
According to reports, the firm holds one of the most important positions in the global Bitcoin trust. The company Securitize led a round of funding that saw the firm invest $48 million.
The firm also offers crypto services to its clients, which is a clear indication that it is all in the space. Not just them, but other banks and firms like JPMorgan and Goldman Sachs are offering crypto services to clients.
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