Multinational investment bank Morgan Stanley is adding Bitcoin as an eligible investment to multiple institutional funds, according to its new filing with the U.S. Securities and Exchange Commission.
Their list includes Dennis Lynch's Counterpoint Global Portfolio, Developing Opportunity Portfolio, Asia Opportunity Portfolio and others.
The funds will have exposure to Bitcoin through cash-settled futures or shares of Grayscale Bitcoin Trust.
Certain Funds may have exposure to bitcoin indirectly through cash settled futures or indirectly through investments in Grayscale Bitcoin Trust (BTC) ("GBTC"), a privately offered 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 exempted company under the laws of the Cayman Islands (each, a "Subsidiary"). A Fund may at times have no exposure to bitcoin.
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Morgan Stanley reportedly started mulling a Bitcoin bet in February. Last month, it allowed its wealthy clients to own the largest cryptocurrency through Galaxy Digital and NYDIG funds, becoming the first major U.S. bank to make such a move.
As reported by U.Today, Morgan Stanley is also expected to buy a major stake in Bithumb, South Korea's leading cryptocurrency exchange.
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