New York-based multinational investment bank Morgan Stanley had acquired 792,627 shares in business intelligence firm MicroStrategy. This is a 10.9% stake in a company that has made large investments in Bitcoin over the last several months.
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MicroStrategy has shown interest in the crypto industry since August. Then the company made Bitcoin its primary reserve asset. A few weeks later, MicroStrategy declared a $400 M securities offering, intending to raise funds to gain more Bitcoin. On December 21, the supplies reached 70,470 Bitcoin. At the moment MicroStrategy's Bitcoin fund surpasses $2.8 B.
MicroStrategy stock increased 37% this year as the cryptocurrency price went higher. S&P 500 Index had a 1.8% progress.
Institutional investments keep being trendy this year. Recently Grayscale tweeted informing that the company holds $28.4 billion worth of assets under its management. 85% of the funds, that is above $24 M, belong to GrayScale Bitcoin Trust.Cryptocurrencies continue to be a hedge against dollar inflation and current economic issues.