Recent 13F SEC filings reveal several major US financial institutions have allocated significant funds to Bitcoin via spot ETFs, with these filings revealing the holdings of institutional investors with more than $100 million allocated.
After the Securities and Exchange Commission approved several bitcoin ETFs earlier this year, investors eagerly awaited these disclosures. The files reveal names such as the Wisconsin Investment Board, Wells Fargo, JPMorgan and others.
And now, the latest revelation shows that financial services giant Morgan Stanley has bought $269.9 million GBTC value for Grayscale. This makes Morgan Stanley one of the largest institutional holders of GBTC, along with the $1.8 billion Susquehanna position.
New: $1.5 trillion Morgan Stanley reveals where it stands #Bitcoin Exposure to ETFs in SEC filings 👀 pic.twitter.com/tRAznuHHRF
— Bitcoin Magazine (@BitcoinMagazine) May 17, 2024
With over $1.5 trillion in assets under management, this allocation indicates the Wall Street giant's growing conviction in Bitcoin's role in investment portfolios.
It joins other major banks such as JPMorgan, BNP Paribas and Royal Bank of Canada that have revealed spot purchases of Bitcoin ETFs.
Although some companies like Vanguard have opposed Bitcoin, the broader shift has been toward embracing exposure to Bitcoin. Clients are demanding access to Bitcoin's growth prospects as an inflation hedge and an alternative asset class.
Old guard banks steadily allocating to Bitcoin ETFs represents a huge change. Morgan Stanley's purchase comes on the heels of executives speaking favorably about Bitcoin's potential. Although it is still a small portion of assets under management, it indicates that legacy finance is seeing the value in Bitcoin.
With major traditional institutions warming up to Bitcoin, accessible ETFs have made it possible to get in on the act. Their first-quarter disclosures provide tangible evidence that these giants are acting on a growing conviction in Bitcoin's viability.