In accordance with the SEC filings, Morgan Stanley has apparently purchased a huge number of shares from Grayscale’s Bitcoin Trust.
This purchase is highlighted to the point that many large-scale financial companies have been looking for ways to help their clients have a much better idea about how the cryptocurrency industry operates. Morgan Stanley purchased these shares across a lot of funds in conjunction. As of now, the title of the biggest Bitcoin fund holder is now given to the Growth Portfolio, now having nearly 2.3M shares.
Many other funding groups, such as the Morgan Stanley Insight Fund, which is currently responsible for managing around $8Billion worth of assets, holds around 900,000 shares of the Grayscale Bitcoin Trust, having a value of nearly $27.6 Million. The Discovery Portfolio also purchased about 600,000 shares, and the VIF Growth Portfolio has nearly 130,000 shares in its inventory.
Most of the shares purchased by Morgan Stanley were obtained back in the month of June, when the price of Bitcoin has seen a massive fall due to the ban implemented by the government of China, bringing the crypto asset from an average of $64,000 to a mere $30,000 or less. The shares were purchased when the price of Bitcoin was hovering in the $30,000 range, at a price of $30 per share. As for the shares themselves, they don’t hold up much value and are not supposed to be compared to the price of Bitcoin because Greyscale themselves have notified on their website that every single share currently has about 0.000937812 Bitcoin present inside.
According to statistical data, these shares purchased now brings Morgan Stanley in 2nd place on the list of the world’s largest holders of the Grayscale Bitcoin Trust, falling just behind ARK Investment Management, worked on by Cathie Wood.
The thing with Grayscale Bitcoin Trust is that they allow investors to get a chance to take part in the top cryptocurrencies, but it doesn’t require the investors who take hold of any private keys. However, the trust does require investors to invest a minimum of $50,000 with a holding time of six months and an included 2% of the annual fee for expenses. The Grayscale Bitcoin Trust now holds nearly $31 Billion worth of assets coming under management, as more and more investors are engaging with top-level cryptocurrencies.