Accurate bottom-fishing! Morgan Stanley buys a large number of shares in Grayscale Bitcoin Trust

Accurate bottom-fishing! Morgan Stanley buys a large number of shares in Grayscale Bitcoin Trust

SEC documents released on Wednesday showed that Morgan Stanley's funds bought a large stake in the Grayscale Bitcoin Trust, the world's largest Bitcoin fund, when Bitcoin prices were at a low point in June.

Morgan Stanley's Insight Fund, which manages $8 billion in assets, bought 900,000 shares of Grayscale Bitcoin Trust worth $27.6 million.

The bank's Discovery Portfolio bought about 600,000 shares, and its VIF Growth Portfolio held 130,000 shares. At the time, the price of Bitcoin was hovering around $30,000, and had fallen below $29,000. The share price of Grayscale Bitcoin Trust was close to $30 per share.

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