Morgan Stanley, the sixth-largest bank in the US, recently disclosed a substantial investment of over $269 million in a spot Bitcoin ETF, according to its Form 13-F filing. The investment, made in Grayscale’s GBTC during the first quarter of 2024, positions Morgan Stanley as one of the leading holders of GBTC, closely following Susquehanna International Group’s significant $1.0 billion investment.
This move by Morgan Stanley aligns with a broader trend among Global Systemically Important Banks (G-SIBs) disclosing investments in spot Bitcoin ETFs. Notable banks include the Royal Bank of Canada, JP Morgan Chase, Wells Fargo, BNP Paribas, and UBS.
These disclosures come as the first-quarter 13F reporting deadline closes, marking the end of the initial period for investors to purchase most spot Bitcoin ETFs. Bitwise CIO Matt Hougan noted that approximately 700 professional firms have collectively invested nearly $5 billion in spot Bitcoin ETFs by the May 15 deadline, representing a historic scale of professional investor ownership comparable to the launch of gold ETFs in 2004.
Despite the surge in institutional capital, retail investments remain a significant portion of funds invested in spot Bitcoin ETFs, with total assets under management (AUM) estimated at approximately $50 billion.
In addition to Morgan Stanley, other firms have also disclosed significant investments in spot Bitcoin ETFs, indicating growing institutional interest in crypto assets. Pine Ridge Advisers, for instance, revealed a $205.8 million investment in spot Bitcoin ETFs, comprising investments in BlackRock’s IBIT, Fidelity’s FBTC, and Bitwise’s BITB.
Furthermore, alternative asset manager Aristeia Capital LLC, Connecticut-based investment firm Graham Capital Management, hedge fund manager Crcm LP, New York-based Boothbay Fund Management, and investment manager Fortress Investment Group LLC have all disclosed substantial investments in various spot Bitcoin ETFs, further underscoring the institutional influx into the crypto space.
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