Banking giant Morgan Stanley announced that it added some of its funds to Bitcoin in the third quarter through the Grayscale Bitcoin Trust (GBTC).
In new applications to the US Securities and Exchange Commission (SEC), banking giant Morgan Stanley increased its funds by buying Bitcoin on Grayscale in the third quarter.
On September 30, Morgan Stanley’s Growth Portfolio Fund added 1.5 million shares of Grayscale Bitcoin Trust (GBTC). Similarly, Insight Fund added approximately 600,000 shares over the period.
Morgan Stanley has added other funds as well, meaning that Morgan Stanley fund managers have become more comfortable adding Bitcoin to their portfolios.
In October, Morgan Stanley CEO James Gorman was outspoken about Bitcoin and other crypto-asset investments, stating that he doesn’t think crypto is a fad.
Providing a new clarification on the issue of crypto assets, Gorman reported that Bitcoin alone is far from being a decentralized alternative to today’s state-controlled financial systems.
Traded on the OTCQX market since 2013, the Grayscale Bitcoin Trust allows institutional and high-value investors to acquire Bitcoin, but there is a 12-month hold period for the shares.
