Morgan Stanley to offer (wealthy) investors access to bitcoin funds

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Morgan Stanley told its wealth managers last Wednesday that it will allow certain clients access to bitcoin funds.

 

Two of the three funds on offer are from billionaire Mike Novogratz’s crypto firm Galaxy Digital and the other is a joint effort from NYDIG and FS Investments.

 

The minimum investments for Galaxy Bitcoin Fund LP and Galaxy Institutional Bitcoin Fund LP are $25,000 and $5 million, respectively, and the minimum for the FS NYDIG Select Fund is $25,000. The catch? Morgan Stanley is restricting access to clients with at least $2 million in the bank. In addition to this, the bank is limiting investments to 2.5% of a client’s net worth.

 

This isn’t the first move Morgan Stanley has made into crypto. They recently bought a 10% stake in MicroStrategy, which holds over $5 billion in bitcoin. They join a number of players in the traditional financial services space dipping their toes in the crypto pool. BlackRock CIO this week said the asset manager is “dabbling” in potential bitcoin offerings, while Goldman Sachs recently announced the reopening of its crypto trading desk and plans to resume dealing in bitcoin futures.

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Team Luno

On our way to the moon, we write about all things crypto. And don’t forget we’re humans too. Our blog conveys the views of Luno and the many unique opinions and characters within our team. We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies. It’s a brave new world out there, and the market can be volatile at times, so never trade with funds you can’t afford to lose. Want to let us know how much you love our blog? Tweet us @LunoGlobal.

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