Morgan Stanley fund holds more than 28,000 shares of GBTC

Jun 28, 2021 | The Block News | 0 comments

Morgan Stanley’s Europe Opportunity Fund has snapped up more than 28,000 shares of Grayscale’s Bitcoin Trust product, according to a filing by the firm with the Securities and Exchange Commission. 

The fund, which seeks exposure to many European companies as well as other assets, owns 28,289 shares of GBTC — equal to about $1.3 million around the time of the filing. The allocation follows an April filing by Morgan Stanley showing that the firm had given the green light to certain funds — including the European Opportunity Fund, the firm’s Institutional Fund, and Insight Fund among others — to gain exposure to bitcoin “indirectly.” 

According to that filing, each fund can invest as much as 25% of its total assets into bitcoin-related products. 

Grayscale — the largest asset manager in the crypto space — touts its bitcoin trust as a way for large institutions to allocate to bitcoin through a product structured as a security. Sometimes its products trade at a discount or premium relative to the cryptocurrency it is meant to track. 

Still, Grayscale’s assets under management have slid lately along with broader crypto prices. Its Bitcoin Trust has around $21 billion under management, according to The Block’s data dashboard. 

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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