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1.36%Morgan Stanley to Offer Clients Exposure to Bitcoin Funds: Report
Two of the funds are from Galaxy Digital and the other is joint effort from FS Investments and NYDIG, according to CNBC.
By Zack Seward
Updated May 9, 2023, 3:17 a.m. Published Mar 17, 2021, 3:16 p.m.
Morgan Stanley is accelerating its involvement in the cryptocurrency industry.
STORY CONTINUES BELOW
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According to a CNBC report, the $4 trillion wealth management firm is providing high-end clients with access to three funds that provide bitcoin exposure. The report cites an internal memo and unnamed sources with knowledge of the matter.
Morgan Stanley has inched into the crypto markets in recent months, becoming a major shareholder in MicroStrategy, the publicly traded business intelligence firm known for buying billions in bitcoin. Morgan Stanley also joined a $200 million investment in bitcoin firm NYDIG earlier this month.
Read more: Soros, Morgan Stanley Join $200M Investment in Bitcoin Firm NYDIG
CNBC reports the latest move is a direct response to Morgan Stanley clients demanding bitcoin exposure.
Two of the funds are from Galaxy Digital and the other is joint effort from FS Investments and NYDIG, according to the report.
That said, the Morgan Stanley offering comes with a handful of restrictions. According to the report:
Investment firms need at least $5 million at the bank to qualify for the new stakes. In either case, the accounts have to be at least 6 months old. And even for those accredited U.S. investors with brokerage accounts and enough assets to qualify, Morgan Stanley is limiting bitcoin investments to as much as 2.5% of their total net worth, said the people.
The funds will likely be open to Morgan Stanley clients as early as next month.
Zack Seward
Zack Seward is CoinDesk’s contributing editor-at-large. Up until July 2022, he served as CoinDesk’s deputy editor-in-chief. Prior to joining CoinDesk in November 2018, he was the editor-in-chief of Technical.ly, a news site focused on local tech communities on the U.S. East Coast. Before that, Seward worked as a reporter covering business and technology for a pair of NPR member stations, WHYY in Philadelphia and WXXI in Rochester, New York. Seward originally hails from San Francisco and went to college at the University of Chicago. He worked at the PBS NewsHour in Washington, D.C., before attending Columbia’s Graduate School of Journalism.
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