December 4, 2021

Morgan Stanley and Bill Miller invested in Bitcoin through Grayscale

Billionaire investor Bill Miller purchased bitcoin through the Grayscale Bitcoin Trust (GBTC). Such information contained in the reports, which was filed with the US Securities and Exchange Commission (SEC), writes The Block.

Miller Opportunity Trust buys 1.5 million GBTC sharesfor the amount of $ 44.7 million, the data is presented as of June 30. The share of GBTC in the total portfolio of the fund is 1.55%. Since June 30, the size of the position of the Miller Opportunity Trust has grown to $ 59 million. Plans to invest in bitcoin with the help of the Grayscale trust company Miller Opportunity Trust notified the SEC in February. The fund cannot add new positions to GBTC if their share in the total volume of its own assets exceeds 15%.

The second major player whose investmentsit became known this week is the banking giant Morgan Stanley. He has been actively building his GBTC position in recent months. This is also reflected in the reporting to the US Securities and Exchange Commission.

GBTC shares were included in severalbank funds. The largest investment was in the Morgan Stanley Insight Fund, which acquired 928,051 GBTC shares. Their valuation was $ 27,665,000, which is equivalent to 0.34% of the assets under his management.

In addition to the Morgan Stanley Insight Fund, bitcoin is now owned through GBTC by other investment bank structures - Morgan Stanley Institutional Fund and Morgan Stanley Variable Insurance Fund.

Investments can reach 25% of assets under management by Morgan Stanley, according to documents submitted to the SEC.

Grayscale, one of the largest funds,investing in cryptocurrencies, enables institutional investors to access bitcoin through shares of its own GBTC trust. The Grayscale Bitcoin Trust is an exchange-traded fund (ETF) replacement for US investors, as no Bitcoin ETF has yet been approved by the US Securities and Exchange Commission. Only accredited investors have access to GBTC.

They can buy GBTC shares with USD and Bitcoin, however they are not allowed to sell them at any time, only during the unlock period.

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