Another piece of news from the corner of institutional investors! The large American investment bank Morgan Stanley announced today that it is considering investing in Grayscale’s Bitcoin (BTC) trust funds, among other things. It appears to be the first actual step towards providing customers with exposure to bitcoin.
Certain funds may be exposed to bitcoin indirectly through cash-settled futures or indirectly through investments in Grayscale Bitcoin Trust (BTC) (“GBTC”), a privately-owned investment vehicle that invests in bitcoin. To the extent a Fund invests in bitcoin futures or GBTC, it will do so through a wholly owned subsidiary, which is organized as an exempt corporation under the laws of the Cayman Islands (each, a “Subsidiary”). Sometimes a Fund cannot have exposure to bitcoin. ”
How much the funds will invest was not disclosed. However, a percentage of 25% is mentioned:
“Each of the Advantage Portfolio, Asia Opportunity Portfolio, Counterpoint Global Portfolio, Developing Opportunity Portfolio, Global Advantage Portfolio, Global Permanence Portfolio, Global Opportunity Portfolio, Growth Portfolio, Inception Portfolio, International Advantage Portfolio, International Opportunity Portfolio and Permanent Portfolio can, in In line with its key investment strategies, invest up to 25% of its total assets in bitcoin. ”
Just this morning, we saw that the world’s largest asset manager BlackRock has officially entered the bitcoin market. This was one of several developments regarding large investment banks and asset managers that are getting into bitcoin.