Morgan Stanley Files for Bitcoin Exposure with US SEC
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Following its announcement to allow institutional customers to get access to Bitcoin (BTC) investment options, Morgan Stanley has taken a step further by filing some documents with the US Securities and Exchange Commission (SEC) to grant 12 of its funds BTC exposure through Grayscales’s Bitcoin Trust or cash-settled futures.
According to a news report in February, a unit of Morgan Stanley Investment Management, Counterpoint Global, was exploring ways to enable Bitcoin access to its investors.
That said, a document filed yesterday with the SEC noted that the behemoth financial institution is seeking approval for Bitcoin purchases for the aforementioned fund and eleven others, including Advantage Portfolio, Asia Opportunity Portfolio, Growth Portfolio, and Inception Portfolio.
The BTC exposure to these funds could come directly in the form of cash-settled futures or through investments in the Grayscale Bitcoin Trust (GBTC). The bank noted that if the funds invest in BTC futures or GBTC, they would “do so through a wholly-owned subsidiary, which is organized as an exempted company under the laws of the Cayman Islands.”
The filing with the SEC also highlighted that these funds could invest as much as 25% of their total assets to gain Bitcoin exposure.
Morgan Stanley reported that its decision to offer Bitcoin exposure to its institutional clients was because of the recent uncharted growth seen in the benchmark cryptocurrency.
Key BTC Levels to Watch — April 1
Bitcoin is currently trading in a range-bound manner between the $58,000 and $59,400 levels as market momentum slows. A sideways continuation over the coming hours could trigger a light correction for the primary cryptocurrency, likely sending it to the $56,700 area.
That said, a mild pullback seems possible at the moment, as Bitcoin is currently retreating from overbought territories on our 4-hour MACD indicator, on the backdrop of a thinning market trading volume.
Meanwhile, our resistance levels are at $60,000, $61,000, and $61,785, and our key support levels are at $58,000, $56,700, and $55,000.
Total Market Capitalization: $1.90 trillion
Bitcoin Market Capitalization: $1.10 trillion
Bitcoin Dominance: 58%
