Morgan Stanley invests $270 million in BTC ETF, becomes largest holder of GBTC
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Morgan Stanley invests $270 million in BTC ETF, becomes largest holder of GBTC
The CIO of Bitwise described this trend as "a historic scale of holdings by professional investors."
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Morgan Stanley disclosed in its Q1 2013 filings that it had invested $269.9 million into the spot BTC ETF via Grayscale's GBTC.
According to Fintel data, this investment makes Morgan Stanley one of the largest holders of GBTC, second only to Susquehanna International Group’s $1 billion stake.
Morgan Stanley is also among several globally systemically important banks (G-SIBs) that have disclosed investments in spot BTC ETFs, including Royal Bank of Canada, JPMorgan Chase, Wells Fargo, BNP Paribas, and UBS Group.
Other firms have also disclosed investments in spot BTC ETFs.
On May 14, New York-based advisory firm Pine Ridge Advisers disclosed a $205.8 million investment in spot BTC ETFs, allocating $83.2 million to BlackRock’s IBIT, $93.4 million to Fidelity’s FBTC, and $29.3 million to Bitwise’s BITB.
New York-based hedge fund management company Boothbay Fund Management disclosed $377 million in spot BTC ETF investments, including $149.8 million in IBIT, $105.5 million in FBTC, $69.5 million in GBTC, and $52.3 million in BITB.
Additionally, alternative asset management firm Aristeia Capital LLC disclosed a $163.4 million investment in IBIT on May 15, while Connecticut-based investment firm Graham Capital Management disclosed $98.8 million in IBIT holdings and $3.8 million in FBTC.
Hedge fund manager CRCM LP disclosed a $96.6 million investment in IBIT, and New York investment management firm Fortress Investment Group LLC reported holding $53.6 million in IBIT.
The latest filings were submitted ahead of the deadline for first-quarter 13F reports, marking the end of the first quarter during which investors could purchase most spot BTC ETFs.
Bitwise CIO Matt Hougan commented on the recent wave of filings, estimating that over 700 professional firms will have invested nearly $5 billion by the May 15 deadline.
Hougan described this trend as "a historic scale of professional investor ownership," previously seen only with the launch of gold ETFs in 2004, which were considered the most successful ETF product at the time.
However, Hougan noted that despite the influx of institutional capital, retail investors still represent the largest portion of spot BTC ETF investments.
To date, these ETFs collectively manage approximately $50 billion in assets.
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