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Morgan Stanley Buys Over 28,000 Shares of Grayscale Bitcoin Trust
The banking giant has been increasingly active in the cryptocurrency space to meet increased demand from its clients.
Megabank Morgan Stanley has purchased 28,289 shares of Grayscale Bitcoin Trust through its Europe Opportunity Fund, according to a U.S. Securities and Exchange Commission filing.
STORY CONTINUES BELOW
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Morgan Stanley has been increasingly active in the cryptocurrency space in recent months to meet growing demand from its clients. In April, the firm allowed a handful of its funds to invest indirectly in bitcoin through cash-settled futures contracts and Grayscale’s Bitcoin Trust, including the Institutional Fund, Institutional Fund Trust, Insight Fund and Variable Insurance Fund.
Each fund may invest up to 25% of its assets in bitcoin, according to earlier SEC filings. The Europe Opportunity Fund includes a mix of Europe-based companies in the technology and non-technology space, and other investments.
In March, Morgan Stanley debuted bitcoin investment fund products for high-net-worth clients and began recruiting for a cryptocurrency and blockchain lead analyst.
Grayscale is owned by CoinDesk parent company Digital Currency Group.
James Rubin
James Rubin was CoinDesk's Co-Managing Editor, Markets team based on the West Coast. He has written and edited for the Milken Institute, TheStreet.com and the Economist Intelligence Unit, among other organizations. He is also the co-author of the Urban Cyclist's Survival Guide. He owns a small amount of bitcoin.
