Morgan Stanley Increases Bitcoin Exposure: Buys Over 58,000 GBTC Shares More
Morgan Stanley – the global financial services mogul – continues to increase its exposure to Bitcoin through Grayscale’s BTC trust.
- Morgan Stanley continues to increase its exposure to Bitcoin. As CryptoPotato reported back in August, the financial services company’s Insight Fund held 928,051 shares of Grayscale’s Bitcoin Trust.
- A recent filing with the United States Securities and Exchange Commission (SEC) revealed that it bought an additional 58,116 shares of GBTC as of July 31st.
- Data shows that, at the time, the shares were worth around $34.5 per pop, meaning that the firm is more or less breakeven on its latest investment.
- It’s also worth noting that this comes shortly after Dennis Lynch, the Head of Counterpoint Global at Morgan Stanley’s Investment Management, said that Bitcoin is anti-fragile.
- The high-ranking official believes that the asset can resist market disorders and prosper further when others fail.
- He even drew a comparison between BTC and an iconic TV character from the popular show South Park, Kenny.
I like to say that Bitcoin is kind of like Kenny from South Park, you know, the guy dies every episode and he’s back again. Owing a little bit of something where things can go right, but also knowing that there are some things that can go wrong is not unreasonable when you have a world that has such disruption occurring, and where these upside scenarios wind up being so large.
Featured image courtesy of Forbes
