Wall Street investment bank Morgan Stanley owns a significant sum of Bitcoin-related assets, according to a filing with the US SEC.
The assets were disclosed in a monthly investment report filed with the US Securities Commission.
The report details Morgan Stanley investments, one of which was Grayscale’s Bitcoin Trust. The bank owns 28,289 shares of the Bitcoin fund, which was estimated to be worth more than $ 1.23 million at the time of filing, although that number has been reduced with the correction to just over $ 800,000.
The banking giant has bet heavily on Bitcoin this year. In January, Morgan Stanley bought a 10.9% stake in MicroStrategy, the business intelligence company that has been betting on BTC.
In February, it was reported that the investment arm of the US bank was considering adding Bitcoin to its list of hedges. The move followed Tesla’s big $ 1.5 billion bitcoin purchase.
More recently, Morgan Stanley made another move in the cryptocurrency industry by investing $ 48 million in blockchain startup Securitize on June 21.
Grayscale owns more than 3% of all BTC
Institutional momentum has been the main catalyst for the cryptocurrency bull market of 2021. But there are signs that demand is starting to slow down as assets under management numbers fall as outflows rise.
Grayscale is the largest institutional crypto asset manager with a total of $ 30 billion in assets under management, according to its most recent report on June 28.
The company reportedly owns 654,600 BTC, which is equivalent to 3.1% of the entire offering. His BTC fund comprises 74% of his entire crypto asset portfolio and is valued at $ 22.8 billion. By comparison, MicroStrategy owns 105,085 BTC or roughly 0.5% of the total offering.
The slow institutional exit
CoinShares has reported that there has been a massive outflow of funds from institutional Bitcoin products in the last six weeks. However, its latest update has revealed that it has dropped to just $ 1.3 million in the last week. This figure is lower than the $ 89 million of the previous week.
Grayscale even saw an entry in the last week of $ 1.3 million in BTC, as investors remain mixed on the asset. At press time, the asset was up 2% on the day, to $ 35,180, according to CoinGecko. The $ 40,000 psychological resistance barrier is your next target to overcome..
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