Morgan Stanley Adds Bitcoin to 12 Mutual Funds’ Investment Strategies – Finance Bitcoin News
Morgan Stanley has filed an application with the US Securities and Exchange Commission (SEC) to add bitcoin to 12 of its mutual fund investment strategies. These mutual funds can invest in bitcoin futures and indirectly access cryptocurrencies by investing in Grayscale Bitcoin Trust, the filing details.
bitcoin exposure for 12 Morgan Stanley mutual funds
Morgan Stanley Institutional Fund Inc, the asset management arm of Morgan Stanley, filed a supplemental disclosure with the U.S. Securities and Exchange Commission (SEC) on Wednesday. The purpose of the filing is to allow 12 investment bank mutual funds to add exposure to bitcoin.
The firm explained that exposure to bitcoin has been added to the investment policies and strategies of 12 mutual fund portfolios under Other Securities and Investment Strategies.
Investment funds that could gain exposure to bitcoin include: Advantage Portfolio, Asian Opportunity Portfolio, Global Counterpoint Portfolio, Development Opportunity Portfolio, Global Advantage Portfolio, Global Permanence Portfolio, Global Opportunity Portfolio, Growth Portfolio, Borrowing Portfolio, International Advantage Portfolio, International Opportunity Portfolio and Permanence Portfolio.
The file describes:
Some funds may have indirect exposure to bitcoin through cash futures contracts or indirect exposure to bitcoin through investments in Grayscale Bitcoin Trust (BTC) (GBTC), a private investment vehicle that invests in bitcoin.
In addition, the notification states that any portfolio may access bitcoin and other assets by investing up to 25% of its total assets in a wholly owned subsidiary organized as a corporation under Caymanian law. In addition, each subsidiary can invest in GBTC, bitcoin cash futures and other investments.
With respect to BTC-based futures contracts in which certain funds may invest, the documentation explains that the only bitcoin futures contracts in which a fund may invest are cash-based bitcoin futures contracts traded on futures exchanges registered with the CFTC [U.S. Commodity Futures Trading Commission].
Morgan Stanley recently announced that it will offer its high net worth clients access to three bitcoin mutual funds. In February, the company’s head of emerging markets and chief strategist said: Cryptocurrencies can no longer be ignored as a serious investment category.
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