Author: Hugh Son
The investment bank told its financial advisors that it is launching access to three funds that enable ownership of bitcoin.
Two of the funds on offer are from Galaxy Digital, while the third is a joint effort from asset manager FS Investments and bitcoin company NYDIG.
Morgan Stanley is only allowing its wealthier clients access to the volatile asset: The bank considers it suitable for people with “an aggressive risk tolerance” who have at least $2 million in assets held by the firm. Investment firms need at least $5 million at the bank to qualify for the new stakes.
Morgan Stanley is the first big U.S. bank to offer its wealth management clients access to bitcoin funds, CNBC has learned exclusively.
The investment bank, a giant in wealth management with $4 trillion in client assets, told its financial advisors in an internal memo that it is launching access to three funds that enable ownership of bitcoin, according to people with direct knowledge of the matter.
The move, a significant step for the acceptance of bitcoin as an asset class, was made by Morgan Stanley after clients demanded exposure to the cryptocurrency. Bitcoin’s rally in the past year has put Wall Street firms under pressure to consider getting involved in the nascent asset class.
But, at least for now, the bank is only allowing its wealthier clients access to the volatile asset: The bank considers it suitable for people with “an aggressive risk tolerance” who have at least $2 million in assets held by the firm.
Source: CNBC
