The multinational American bank, Morgan Stanley continues to display its pro-Bitcoin approach by filing with the SEC to receive BTC exposure to a dozen of its institutional funds. Shortly after the announcement, the plans to enable the institutional customers of the bank to access the first-ever cryptocurrency speed up. Morgan Stanley has doubled down by filing documents with the SEC to allow 12 of its funds to gain BTC exposure through Grayscale’s Bitcoin Trust or cash-settled futures. Morgan Stanley Seek Approval for The Bitcoin Purchase Approximately a month back, a unit of Morgan Stanley Investment Management called Counterpoint Global explored whether or not to enable its investors to receive access to the digital currency. According to a document filed with the Securities and Exchange Commission from yesterday, the giant US multinational investment bank is seeking approval for the BTC purchases for that precise fund along with 11 others. Some of the other names include Advantage Portfolio, Asia Opportunity Portfolio, Growth Portfolio, and Inception Portfolio. Morgan Stanley to Receive BTC Exposure up to 25% The funds could receive exposure to Bitcoin indirectly. Mainly through cash-settled futures or through investments in the Grayscale Bitcoin Trust (GBTC). If the funds indeed invest in BTC futures or GBTC, it is possible through a wholly-owned subsidiary, which is organized as an exempted company under the laws of the Cayman Islands. The filing from the banking giant also revealed the extent to which each fund may receive the BTC exposure. The reading says that they could “invest up to 25%” of the total assets. In early March, Morgan Stanley announced that it would start offering its institutional clients access to three regulated Bitcoin funds. As the demand for the primary cryptocurrency was rapidly increasing. Shortly after, the reports came the giant bank planned to buy a major stake in the largest South Korean cryptocurrency exchange – Bithumb.
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