Morgan Stanley Holds 28,000 Grayscale Bitcoin Trust Shares, Valued Over $800,000

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In Brief
  • Morgan Stanley holds a significant amount of GBTC shares.

  • The Wall Street bank remains keen on digital assets.

  • Institutional BTC outflows have slowed down.

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Wall Street investment bank Morgan Stanley holds a substantial sum of Bitcoin-related assets according to a filing with the U.S. SEC.

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The assets were revealed in a monthly portfolio investments report filed to the U.S. Securities and Exchange Commission.

The report details investments by Morgan Stanley, one of which was Grayscale’s Bitcoin Trust. The bank holds 28,289 shares of the bitcoin fund estimated to be worth over $1.23 million at the time of the filing, though that number has dipped with the correction to a bit over $800,000.

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The banking giant has been betting big on bitcoin this year. In January, Morgan Stanley purchased a 10.9% stake in MicroStrategy, the business intelligence firm that has been loading up on BTC.

In February, it was reported that the investment arm of the American bank was considering adding bitcoin to its list of hedges. The move followed that big $1.5 billion bitcoin purchase by Tesla.

More recently, Morgan Stanley made another move into the crypto industry by investing $48 million in the Securitize blockchain startup on June 21.

Grayscale holds more than 3% of all BTC

Institutional momentum has been the major catalyst for the 2021 crypto bull market. But there are signs that demand is starting to slow down as asset under management figures fall while outflows increase.

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 holds 654,600 BTC which is equivalent to 3.1% of the entire maximum supply. Its BTC trust comprises 74% of its entire crypto asset fund portfolio and is valued at $22.8 billion. MicroStrategy by comparison holds 105,085 BTC or roughly 0.5% of the total supply.

Institutional outflow slow

CoinShares has reported that there has been a massive outflow of funds from institutional bitcoin products over the past six weeks. However, its latest update revealed that they had slowed to just $1.3 million for the past week. This is down from a whopping $89 million for the previous week.

Grayscale even saw an inflow over the last week of $1.3 million in BTC as investors remain mixed over the asset. At the time of press, the asset was trading up 2% on the day at $35,180 according to CoinGecko. The psychological resistance barrier at $40,000 is its next target to break.

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Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

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