Morgan Stanley, one of the world’s biggest investment bank with $6.5 trillion in assets under management, holds bitcoin on behalf of their fund customers.

The Morgan Stanley Europe Opportunity Fund revealed in a filing it bought $3.6 million worth of GBTC, that being the Grayscale Bitcoin Trust that holds actual spot bitcoin.

“The Fund may, consistent with its principal investment strategies, invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund,” it says, adding:“The Subsidiary may invest in bitcoin indirectly through cash settled futures or indirectly through investments in Grayscale Bitcoin Trust (BTC) (“GBTC”), a privately offered investment vehicle that invests in bitcoin.”

This fund mostly holds British, Italian, French, Swiss and Dutch equities, aiming to “maximize capital appreciation by investing primarily in high quality established and emerging companies located in Europe that the investment team believes are undervalued at the time of purchase.”

The US based GBTC has therefore been added as a diversifier, with the overall European Opportunity Fund stated as having $1 billion in assets, but this specific one has about $120 million.Morgan Stanley therefore has allocated 3% of the assets to bitcoin, although those GBTC shares are now worth $1 million so at this point it is 1%.