Key Takeaways
- Morgan Stanley acquires 28,289 shares in Grayscale Bitcoin Trust
- The acquisition represents a major move from the Investment Bank
- More Institutional companies are taking an interest in cryptocurrencies
According to the official Grayscale website, each share is valued at around $29.25, making the total amount invested by Morgan Stanley around $1,325,339.
Grayscale is regarded as one of the largest cryptocurrency investment management companies in the world. It manages over $1 billion worth of cryptocurrencies and provides institutional clients exposure in the form of regulated securities.
The European funding arm of Morgan Stanley manages over $2 billion worth of assets, and this exposure to cryptocurrency represents a low percentage of its investment portfolio.
This latest aqusition by Morgan Stanley shows the Investment bank growing interest in Bitcoin. It should be noted that the bank has been a strong advocate of cryptocurrency adoption in the global banking sector in recent months.
This development comes days after the bank called on financial institutions to join the Bitcoin market. Morgan Stanley stated that the institutionalization of Bitcoin and cryptocurrencies would create great opportunities for financial firms.
Morgan Stanley has already initiated authorization requests with the SEC to expose 12 of its funds to bitcoin. The cryptocurrency industry has continued to grow, with more institutions offering digital assets to clients.
Tesla’s 1.5 billion acquisition of Bitcoin earlier in the year was significant in the extended bullish run of 2021. This latest purchase from Morgan Stanley is unlikely to have a similar effect but represents excellent news for the cryptocurrency industry.
What do you think about the Morgan Stanley acquisition. Is it great for the crypto industry?
