Morgan Stanley bought 28,000 shares in the Grayscale Bitcoin Trust underscoring its commitment to crypto

Morgan Stanley bought 28,000 shares in the Grayscale Bitcoin Trust underscoring its commitment to crypto

Morgan Stanley bought 28,289 shares, worth over $1.3 million at the time of the sale, in the Grayscale Bitcoin Trust through its Europe Opportunity Fund, a Securities and Exchange Commission shows. This underlines the firm's commitment to cryptocurrencies. It first gave its funds exposure to digital assets back in April this year. Five of Morgan Stanley's fund groups can invest up to 25% of their assets in crypto products. Investments must be indirect - so funds are not allowed to purchase bitcoin tokens for example, but they care allowed to invest in funds, trusts, or futures contracts that involve crypto coins. Morgan Stanley was the first major US bank to offer crypto exposure to its high net-worth clients earlier this year. The Grayscale Bitcoin Trust is the , according to Bank of America. Its value is derived solely from bitcoin and therefore mirrors the performance of the cryptocurrency. Bitcoin has experienced a highly volatile few months. In mid-April, it reached its highest valuation yet at $64,804.72 - but it has lost over 43% since, according to data. Last week, the token fell below the $30,000 mark for the first time since its rise began in January of this year. It