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SOL Morgan Stanley's latest 13F file shows that cryptocurrency-related exposure increased in the second quarter, with BlackRock's bitcoin ETF positions increasing the most.
Morgan Stanley's latest 13F file with the U.S. Securities and Exchange Commission shows that the bank increased cryptocurrency-related exposure in the second quarter, with the largest increase coming from additional positions in BlackRock's bitcoin exchange-traded fund iShares Bitcoin Trust (IBIT). The update comes as the value of these positions changes with underlying market movements during the quarter.
According to Morgan Stanley's second-quarter 13F filing, its reported IBIT shareholding increased from approximately 13.4 million shares to approximately 16.5 million shares, an increase of approximately 23%. At the same time, the dollar value of the position fell, reflecting the decline in Bitcoin prices during the period covered by the document.
Key Points
Morgan Stanley increased its holdings of IBIT by more than 3 million shares, but the value of its reported positions fell approximately 18% to $549 million.
The bank also reported new exposure to its own spot bitcoin product, the Morgan Stanley Bitcoin Trust (MSBT), which began trading in April.
Ethereum-related ETF exposure also expanded, including an approximately 202% increase in iShares Ethereum Trust (ETHA) shareholding to 4.6 million shares.
Not all crypto positions increased: Morgan Stanley cut several positions related to exchanges, mining companies and infrastructure.
Stability coin issuer Circle also benefited from the bank's broader asset reallocation in the second quarter, with a significant increase in USDC-related positions.
IBIT's shareholding increased, but reported value fell
Morgan Stanley's documents showed a significant increase in BlackRock's Bitcoin ETF holdings. The bank reported an increase in IBIT positions by approximately 3.04 million shares to approximately 16.5 million shares. However, the reported value fell to approximately $549 million, a drop of approximately 18%, from approximately $667 million-which was consistent with the overall trend of Bitcoin prices in the second quarter.
The document also describes increases in positions in several other Bitcoin ETFs. Morgan Stanley increased its exposure to smaller spot bitcoin ETFs, including the Grayscale Bitcoin Mini Trust ETF (BTC) and the Bitwise Bitcoin ETF (BITB), while its stake in the Fidelity Wise Origin Bitcoin Fund (FBTC) increased by nearly 38%.
Ethereum exposure expands simultaneously with Bitcoin
In addition to Bitcoin, Morgan Stanley has also increased its Ethereum-related ETF positions. The bank reported that its stake in iShares Ethereum Trust (ETHA) increased approximately 202% to 4.6 million shares. At the same time, its Grayscale Ethereum Staking Mini ETF (ETH) position also increased by approximately 26% to approximately 5.1 million shares.
In addition, Morgan Stanley has also begun to venture into Solana-related products. The bank holds new positions in the Grayscale Solana Staking ETF (GSOL) and Fidelity Solana Fund (FSOL), with reported values of approximately $4.25 million and $2.26 million, respectively, the documents show. This combination of traditional large-market exposure and smaller overholdings suggests the bank's continued efforts to expand its multi-asset crypto exposure rather than focusing solely on Bitcoin.
Added MSBT positions and Circle's USDC-related positions
Morgan Stanley's own crypto products also came into view more clearly in the second quarter. The documents reported positions of approximately 2.57 million shares of Morgan Stanley Bitcoin Trust (MSBT), which began trading in April. While the increase in shareholding in the document reflects new participation, it also highlights the speed at which large financial institutions are building internal product lines around spot crypto channels.
In addition, Morgan Stanley increased its reported position in the Circle Internet Group (CRCL)-the issuer of USDC stablecoins. According to the documents, Circle's shareholding increased from approximately 1.46 million shares to approximately 8.32 million shares. This is a major shift and eye-catching because it targets the stablecoin ecosystem, not just spot crypto ETF products.
Mining companies and infrastructure positions increase-exposure to some stocks drops
Although Morgan Stanley added a number of crypto-related positions, the documents also show it has cut some of its major holdings. The bank reported increased investments in a number of bitcoin miners and infrastructure companies, including Cipher Digital (CIFR), Core Scientific (CORZ), Hut8 (HUT) and Bitdeer Technologies (BTDR). These increases suggest the agency is willing to increase exposure to parts of the industry that are influenced by the Internet economy and resonate with stock sentiment.
At the same time, not all positions have improved. Morgan Stanley reported reducing its holdings of approximately 550,000 shares of Coinbase (COIN) shares. In addition, more than 3.1 million shares of CleanSpark (CLSK) were cut and approximately 8 million shares of Bitfarms (BITF) were completely withdrawn. In other words, the crypto equity sector did not follow a one-way strategy in the second quarter-adjustments seemed to be more selective.
Overall, the increase in exposure to major ETFs, the expansion of Ethereum's allocation, new MSBT positions, and the significant increase in Circle's stake-accompanied by declines in the names of certain exchanges and mining companies-suggest that Morgan Stanley used the quarter to rebalance along the crypto value chain rather than simply increase net exposure everywhere.
Investors following these data should pay attention to whether this pattern continues in subsequent 13F updates: specifically, whether Morgan Stanley will maintain its accumulation of positions in spot Bitcoin and Ethereum ETFs while maintaining selective pressure on certain crypto stocks, or whether new asset reallocations will occur as Bitcoin and Ethereum prices fluctuate and the ETF and stablecoin ecosystems develop.
