Institutional banking heavyweight Morgan Stanley is reportedly establishing an access gateway for Bitcoin (BTC) investing to its customers, under particular conditions.
Specifically, the initiative is reportedly a sign Morgan Stanley is adopting a pro-attitude towards Bitcoin, with the opportunity to be available in April this year.
“The investment bank, a giant in wealth management with $4 trillion in client assets, told its financial advisors Wednesday 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,” CNBC reportedly revealed.
Bitcoin interest from mainstream finance has reportedly experienced a major surge throughout the last year, with big names in the sector finalizing purchases of large stacks of BTC, nominally MicroStrategy, Tesla, and Square.
Any individual or entity who joins in Morgan Stanley’s wealth management wing will reportedly be able to tap into Bitcoin via Galaxy Digital’s Bitcoin Fund LP and Institutional Bitcoin Fund LP, together with FS Investments’ FS NYDIG Select Fund, despite 2.5% being the maximum allocation proportion for every client’s overall wealth.
Customers are reportedly expected to have in possession accredited investor status, hold capital at Morgan Stanley valuing $2 million and over, as well as keeping a particular account history. That minimum raises to $5 million for investment firm clientele. Every fund will also have a particular set of conditions for investing.
Bitcoin has had a major development ever since it was rolled out in 2009. Climbing up in price value, from under $1 to up exceeding $60,000, and has now been added to the list of viable investments.