Morgan Stanley Announces Bitcoin To 12 Investment Funds, BTC Price Movies Above $60,000

In a major development, banking giant Morgan Stanley announced Bitcoin (BTC) exposure to 12 its mutual funds institutional portfolios. The latest announcement came as the Wall Street banking giant updated its prospectus the Investment Policies and Strategies”.

In the March 31st filing submitted to the U.S. Securities and Exchange Commission (SEC), Morgan Stanley has made this disclosure and said that its institutional funds will gain BTC exposure either through cash-settled futures or via the Grayscale Bitcoin Trust (GBTC).

The Thursday’s SEC filing states: "Certain Funds may have exposure to bitcoin indirectly through cash settled futures or indirectly through investments in Grayscale Bitcoin Trust (BTC) ("GBTC"), a privately offered investment vehicle that invests in bitcoin. To the extent a Fund invests in bitcoin futures or GBTC, it will do so through a wholly-owned subsidiary, which is organized as an exempted company under the laws of the Cayman Islands (each, a "Subsidiary"). A Fund may at times have no exposure to bitcoin.”

Besides, the filing also mentions the maximum exposure that these funds can have towards Bitcoin (BTC). Each of these funds can invest up to maximum 25% of its total assets.

The announcement from Morgan Stanley comes just a day after banking giant Goldman Sachs said that it is working on offering Bitcoin and crypto investment options to its wealth management clients.

One thing is clear that all the traditional banking institutions who once denounced Bitcoin have no option but to accept the world’s largest cryptocurrency.

The cryptocurrency market is skyrocketing over the last week on occasion of multiple positive developments. Soon after the Morgan Stanley news, Bitcoin BTC_ price gained northward momentum hitting $60K levels. With $1.1 trillion valuations, Bitcoin (BTC) still continues to dominate nearly 60% of entire crypto market cap.

However, some of the altcoins have been buzzing the crypto space as well. Ethereum (ETH) is back able $2000 levels with a strong surge and is eyeing for a new all-time high. The start performer over the last week has been Filecoin (FIL) which has gained more than 100% to enter the top-ten crypto list by market cap.

Filecoin (FIL) is the native cryptocurrency of the blockchain-based decentralized storage network Filecoin. The network has gained much popularity in recent times and aims to offer its users a better control over their data.