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SOL Morgan Stanley increased its holdings of BlackRock's Bitcoin Trust by 23% in the second quarter
Morgan Stanley increased its BlackRock iShares Bitcoin Trust (IBIT) position by 23% in the second quarter. According to a 13F filing with the Securities and Exchange Commission on August 14, the bank currently holds approximately 16.5 million shares, up from its previous 13.4 million shares.
The bank increased its holdings of approximately 3.04 million IBIT shares during the quarter. Despite the increase in holdings, the dollar value of the position actually fell from $667 million to $549 million due to the decline in Bitcoin prices over the same period.
This detail deserves attention. Morgan Stanley increased its exposure to Bitcoin when asset prices fell, a pattern more like accumulation than chasing gains.
The increase in IBIT's holdings in other holdings targets in the 13F document
is not an isolated bet. Morgan Stanley also increased its own Morgan Stanley Bitcoin Trust (MSBT) position to 2.57 million shares, worth approximately $43.3 million. MSBT will start trading in April 2026, when IBIT has already dominated the market.
Other small Bitcoin ETF positions also increased. The bank increased its holdings in Gray Bitcoin Mini Trust and Bitwise Bitcoin ETF, and its Fidelity Wise Origin Bitcoin fund holdings rose nearly 38%. Diversification among multiple issuers suggests that the bank has a broad interest in spot bitcoin exposure rather than a preference for a particular product.
Ethereum exposure is expanding faster. Morgan Stanley's iShares Ethereum Trust ETF (ETHA) position surged approximately 202% to 4.6 million shares. Its gray Ethereum pledged mini ETF position increased 26% to 5.1 million shares. The bank also opened a small position in Gray and Fidelity's Solana fund.
Circle Internet Group, the issuer of USDC stablecoins, saw the largest increase in positions. Morgan Stanley's reported shareholding jumped from approximately 1.46 million shares to 8.32 million shares.
Bitcoin mining and infrastructure stocks also increased. Cipher Digital, Core Scientific, Hut8 and Bitdeer Technologies all expanded their holdings.
Not all positions are growing
This document is not fully bullish. Morgan Stanley reduced its holdings of approximately 550,000 shares of Coinbase and cut its CleanSpark position by more than 3.1 million shares. The bank also fully liquidating its 8 million shares of Bitfarms.
These reductions indicate that the bank is reducing its exposure to individual mining companies while increasing its allocation of diversified fund products. This is a risk management model, rather than a complete exit from the crypto space.
Why the 13F document matters
The 13F document is a quarterly disclosure document that institutional investment managers with assets under management exceeding US$100 million must file with the SEC. It lists equity holdings, including ETF shares, as of the end of the previous quarter.
These documents do not cover all banks 'exposure to the crypto space. They cover only securities held directly by the reporting entity and do not include customer accounts managed through independent custody or advisory arrangements. Morgan Stanley's true Bitcoin exposure to customers through its wealth management arm is likely to be much larger than the numbers shown here.
Still, 13F data is one of the few public windows that allows us to understand the position of large banks in the crypto market on a quarterly basis.
Broader banking trends
Morgan Stanley is not alone. JPMorgan Chase also increased its holdings in Bitcoin and Ethereum ETFs in its 13F filing for the same quarter. Banco di São Paulo tripled its stake in the Ethereum ETF and reduced its holdings in IBIT, indicating that banks are not adopting exactly the same strategy.
The pattern in these documents points to a shift for large banks: increasing exposure to spot crypto ETFs while reducing positions in crypto-related individual stocks that carry company-specific risks.
Price Background
As of August 15, Bitcoin trading prices were close to US$63000, well below the all-time high of approximately US$71400 hit in June 2026. The asset is in bear market territory, with its 200-day moving average continuing to decline since mid-July. The Fear and Greed Index has recently been in the "Fear" zone.
This background provided a reference for Morgan Stanley's purchases in the second quarter. The bank increases its stake when prices weaken, and institutional accumulation tends to attract more attention during this period than when chasing gains.
What it means to readers
IBIT holdings increased 23%. This headline figure is easily exaggerated. It merely reflects a bank's directly reported position in a quarter, not a judgment on the future price of Bitcoin. Even as the holdings rose, their value fell, and the same document showed a reduction in Coinbase and mining.
What this document shows is that banks continue to hold spot bitcoin and Ethereum ETFs extensively, rather than avoiding them. Whether this model will continue will be announced in the next round of 13F documents submitted in November.
