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Morgan Stanley (NYSE: $MS) and JPMorgan (NYSE: $JPM) both increased their holdings of Bitcoin and Ethereum exchange-traded funds in the second quarter, according to Form 13F filings submitted to the Securities and Exchange Commission on Thursday.
The case for institutional adoption looks cleaner in share counts than in dollars: Morgan Stanley's position in BlackRock's iShares Bitcoin Trust ETF (IBIT) grew 23% to 16.5 million shares, yet the reported value of that stake slipped to roughly $549 million from $667 million as Bitcoin's price fell during the period.
That tension runs through every line of the filing.
Morgan Stanley added across the board in Bitcoin products: Fidelity's Wise Origin Bitcoin Fund rose nearly 38%, the Grayscale Bitcoin Mini Trust and Bitwise Bitcoin ETF both saw larger positions, and the bank's own Morgan Stanley Bitcoin Trust, which began trading in April, reported 2.57 million shares on the books valued at roughly $43.3 million.
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