Morgan Stanley held nearly $270 million of GBTC as of March 31. The investments were likely made on behalf of clients and not a bet on bitcoin by the bank itself.
Other banking giants, including JPMorgan, Wells Fargo, and UBS, disclosed holdings in spot bitcoin exchange-traded funds in Q1. These investments do not necessarily reflect the banks' views on bitcoin's price but are likely made for clients or market-making purposes.
Morgan Stanley opened spot bitcoin ETF allocations to clients post-approval in January, but only on an unsolicited basis. Clients had to propose the investment. This move indicates catering to client preferences in cryptocurrency investments.
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