Global investment bank Morgan Stanley has increased its bitcoin exposure manyfold by investing in Microstrategy, the Nasdaq-listed company which currently holds about 70,470 bitcoins. Morgan Stanley now has a 10.9% stake in Microstrategy.
‘Even Banks Want Bitcoin’
Global financial services firm Morgan Stanley has significantly increased its exposure to bitcoin, the company’s filing with the U.S. Securities and Exchange Commission (SEC) on Friday shows.
Morgan Stanley has declared that it now owns 792,627 shares of Microstrategy. The Nasdaq-listed company has been stacking bitcoin over the past six months and now holds about 70,470 bitcoins in its treasury. At the current BTC price, Microstrategy’s bitcoin stash is worth nearly $2.9 billion. Morgan Stanley’s investment represents a 10.9% stake in Microstrategy whose share price recently soared to $531.64.
According to analyst Kevin Rooke, Morgan Stanley held 142,908 shares of Microstrategy in the third quarter. Commenting on the investment bank’s latest investment, he tweeted Friday:
That’s actually a 455% increase, up from