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- American Bank Morgan Stanley has filed SEC to get the BTC exposure for 12 of its institutional funds
- This will give them access to the institutional clients to BTC exposure
- The funds will get exposure to bitcoin indirectly through cash-settled futures or investments in Grayscale Bitcoin Trust
- As per the filing, they could invest up to 25% of the total
Morgan Stanley, the multinational bank from America, has always been a bitcoin supporter. This is evident from his approach towards this currency. The bank has recently filed SEC to get the BTC exposure for dozens of its institutional funds.
After doing so, the bank plans to enable the bank’s institutional customers to access the first-ever cryptocurrency speed up. Morgan Stanley has made a list of more than 10 of its funds to access BTC exposure; through Grayscale’s bitcoin trust or cash-settled futures. The bank has filed the documents with the SEC to allow 12 of its institutions to deal in BTC.
Seeking approval
Morgan Stanley’s investment management unit known as Counterpoint Global was exploring a month back; whether to allow its investors to get access to the digital currency or not. As per the bank’s documentary with SEC, the bank is seeking approval for the BTC purchases for that precise fund along with 11 others. The other names are Advantage Portfolio, Asia Opportunity Portfolio, Growth Portfolio, and Inception Portfolio.
BTC exposure
The funds will get exposure to bitcoin indirectly through cash-settled futures or investments in Grayscale Bitcoin Trust (GBTC). The funds can only invest in BTC Futures and GBTC via a wholly-owned subsidiary, organized as an exempted company under the Cayman Islands’ laws.
From the filing by the bank, it is also revealed exactly how much amount will each fund will receive or may get the BTC exposure. As per the filing, they could invest up to 25% of the total assets. In March, the multinational bank announced that they would give access to its institutional clients of the three regulated bitcoin funds. It was done due to the rising demand for cryptocurrency.
After the reports were public, the bank purchased a significant stake in Bithumb, the largest South Korean Cryptocurrency Exchange.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
