Grayscale Bitcoin Trust (GBTC) attracts a new investment giant, banking giant Morgan Stanley, which has bought more than 28,000 shares linked to BTC.
Following the entry of the stock market Rock Star Cathie Wood just a few days ago, with the purchase of well over 1 million Grayscale Bitcoin Trust shares, now it’s Morgan Stanley’s turn.
Specifically, according to an SEC filing, 28,289 BTC-related shares of GBTC have been purchased by Morgan Stanley, through its Europe Opportunity Fund.
Moreover, the banking giant has always been clear about its support for crypto, so much so that it has created dedicated funds to meet the growing demand of its clients.
And who knows, maybe in this case too, with a BTC price of $35,000, the method implemented by Morgan Stanley is to accumulate BTC, using the famous Wyckoff method.
Grayscale Bitcoin Trust and Morgan Stanley’s funds
The Grayscale Bitcoin Trust is the BTC-related investment product purchased through a Morgan Stanley fund, but it is not the first one!
The banking giant has in fact been very active in the crypto space in recent months, setting up funds to be dedicated to the purchase (direct or indirect) of bitcoin and other crypto assets.
As far as indirect purchases of BTC are concerned, Morgan Stanley set up the Institutional Fund, Institutional Fund Trust, Insight Fund and Variable Insurance Fund, just last April. Each of these funds can invest up to 25% of its assets in bitcoin.
The current Europe Opportunity Fund includes a mix of European-based companies in the tech and non-tech space, as well as other investments.
In March, Morgan Stanley established the first fund of its kind, the FS NYDIG Select Bitcoin Fund, which attracted nearly $30 million from investors.
It was the first major US bank to offer its clients the direct purchase of shares in funds that allow them to take positions in bitcoin.
At the same time, Grayscale will unlock as much as 16,240 BTC in one fell swoop on the estimated date of 17 July 2021. An unlock that also seems to be the largest one expected in the coming months.