Last January 10, 2024, the SEC finally approved Bitcoin ETF applications for 11 funds, including Fidelity, Grayscale, and Blackrock’s IBIT. Within a month, trading volume increased as more banks, funds and individual traders acquired shares. One market participant that is slowly consolidating its holdings is Morgan Stanley.
Recently 13F-HR/A Filing With the Securities and Exchange Commission, Morgan Stanley announced $272 million worth of Bitcoin ETFs at the end of the third quarter. Although this sounds like a large investment, it represents only 2% of the department’s total assets, which are now valued at $1.3 trillion.
Huge news! 🚨 Morgan Stanley, a $1.3 trillion asset manager, just revealed $272 million in Bitcoin ETF holdings. This is a clear sign that institutional adoption is accelerating. As more major players like Morgan Stanley continue to buy Bitcoin, it creates… https://t.co/bkCt59bSrD
– Jimmy (@Your_NLP_Coach) October 18, 2024
Morgan Stanley’s BTC holdings are spread across Blackrock, Ark21, and Grayscale Funds
Like a seasoned trader and investor, Morgan Stanley holds its holdings in various baskets. Many of its holdings are with Blackrock’s iShare Bitcoin Trust (IBIT). Management reported that it now owns 5.5 million shares of the BTC ETF, which it purchased in the second quarter. Morgan Stanley’s holdings with BlackRock were worth $187.7 million at the time of the deal but now stand at $209 million, or an increase of 10.2%.
The company also shared that it has a significant stake with Ark 21 Shares but has reduced its holdings with Grayscale. Starting, Morgan Stanley She boasted an estate worth $270 million, but that’s now down to $148,000.
BTCUSD trading at $68,393 on the daily chart: TradingView.com
Morgan Stanley and its crypto-friendly strategy
Morgan Stanley is one of the best asset managers with a Bitcoin and cryptocurrency friendly strategy. Although the company was late in investing in it Bitcoin ETFsHowever, it has managed to build one of the most important properties in the United States.
In August 2024, the company gave the go-ahead to its managers to submit the offer Bitcoin ETFs as an option for its wealthy clients. Given its huge asset base, this was an important step for the company. For example, if its manager allocated just 1% of the company’s assets to Bitcoin ETFs, it would create an inflow of up to $130 billion.
Bitcoin ETFs continue to pay
The SEC’s approval of spot ETFs was a game-changer for the industry. According to analyst Kripto Mevsimi, Bitcoin is now a more mature asset and is starting to become an integral part of the financial market.
The market continues to support Bitcoin ETFs, with impressive net inflows in the past four days. Funds bought over $470 million worth of Bitcoin yesterday, an improvement from Wednesday’s inflows. Once again, IBIT leads the game with an inflow of $309 million. Also, ARKB had an impressive day with a stream of $100.2 million. GBTC was also positive, taking in $45.7 million yesterday.
Featured image from MoneyControl, chart from TradingView
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