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.
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.