- The investment bank told its financial advisors in an internal memo that the bank is launching access to three funds that enable ownership of bitcoin. Two of the funds on offer are from Galaxy Digital, the crypto firm founded by Mike Novogratz, while the third is a joint effort from asset manager FS Investments and bitcoin company NYDIG. 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.
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Morgan Stanley becomes the first big U.S. bank to offer its wealthy clients access to bitcoin funds
The Galaxy Bitcoin Fund LP and FS NYDIG Select Fund have minimum investments of $25,000, while the Galaxy Institutional Bitcoin Fund LP has a $5 million minimum. Clients can likely make investments as early as next month, after the bank’s financial advisors complete training courses tied to the new offerings, said the people.
