- Morgan Stanley held nearly $270 million of GBTC as of March 31.The investments were likely made on behalf of clients and not a bet on bitcoin by the bank itself.
During the first quarter, other major banks such as JPMorgan, Wells Fargo, and UBS revealed their ownership of bitcoin spot Exchange-Traded Funds (ETFs) in their financial reports.
As a researcher studying the transactions between banks and Bitcoin, it is crucial to acknowledge that these purchases do not automatically reflect the banks’ perspectives regarding the cryptocurrency’s price trend. Instead, these transactions may have been executed on behalf of the banks’ wealth management clients or for market making purposes, such as providing liquidity for exchange-traded funds (ETFs) and authorized participant duties.
Morgan Stanley began allowing clients to invest in spot bitcoin Exchange-Traded Funds (ETFs) following their approval in January. However, this was done on a client-initiated basis, requiring the investors to take the lead and propose the investment to their brokers.
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2024-05-17 18:39