Recent SEC 13F filings have revealed that several major US financial institutions are allocating a lot of money to bitcoin through spot ETFs, and these filings reveal institutional investors' holdings with over $100 million allocated.
After the SEC approved several bitcoin spot ETFs earlier this year, investors have been eagerly awaiting these revelations. The filings reveal names such as the Wisconsin State Investment Board, Wells Fargo, JPMorgan and others.
Now, the latest disclosure shows that financial services giant Morgan Stanley has bought $269.9 million Grayscale GBTC value. This makes Morgan Stanley one of the largest institutional holders of GBTC, in addition to Susquehanna's $1.8 billion position.
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NEW: $1.5 Trillion Morgan Stanley Reveals Taking Place twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF Exposure in SEC Filings pic.twitter.com/tRAznuHHRF
– bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1791420308009656379?ref_src=twsrc%5Etfw”>May 17, 2024
With more than $1.5 trillion in assets under management, this allocation signals the Wall Street titan's growing conviction in bitcoin's role in portfolios.
It joins other major banks such as JP Morgan, BNP Paribas and Royal Bank of Canada that have revealed spot purchases of bitcoin ETFs.
Even though some companies like Vanguard are opposed to bitcoin, the broader shift has been toward embracing bitcoin exposure. Clients are demanding access to bitcoin's growth prospects as an inflation hedge and as an alternative asset class.
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Old guard banks constantly allocating bitcoin ETFs represents a monumental change. Morgan Stanley's purchase comes after executives spoke positively about the potential of bitcoin. Although it is still a small portion of AUM, it indicates that legacy finance sees the value in bitcoin.
As major traditional institutions flock to bitcoin, accessible ETFs have allowed them to dip their toes into it. The first quarter revelations provide tangible evidence that these giants are acting on growing conviction in bitcoin's staying power.
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