Morgan Stanley files to add bitcoin exposure across a dozen institutional funds

advertisement

Wall Street investment bank Morgan Stanley said in a Thursday regulatory filing that a number of its institutional funds may gain exposure to bitcoin in the form of cash-settled futures or a Grayscale's Bitcoin Trust.

The filing names twelve funds, including Counterpoint Global, which Bloomberg News reported was considering some kind of bitcoin investment or exposure strategy. 

As Thursday's filing notes:

"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."

The filing also indicates the degree to which each fund may gain exposure, suggesting as much as 25 percent of their respective assets could be put towards bitcoin products.

“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 Permanence Portfolio may, consistent with its principal investment strategies, invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands," the filing states. "Each Subsidiary may invest in GBTC, cash-settled bitcoin futures and other investments."

Last month, Morgan Stanley revealed that it would begin offering its institutional private wealth clients access to bitcoin-related funds. At the same time, wealth management unit penned an investor note that made outlined a case for cryptocurrency as an emerging investable asset class, as previously reported. 

Hat tip MacroScope17

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

TRON USDC now available

Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency. 
Read Full Story
Sponsored Post
More