Huge Milestone for Bitcoin Adoption as Morgan Stanley Now Lets Wealthy Clients Own Largest Cryptocurrency

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Wed, 03/17/2021 - 15:49
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In a first for a major American bank, Morgan Stanley, one of the most established names in the wealth management sector, is now letting its deep-pocketed clients access three Bitcoin funds, CNBC reports.

The Wall Street behemoth boasts close to $4 billion in assets under management, with its financial advisor headcount reaching 16,000.

Two of the three funds supported by Morgan Stanley are owned by Galaxy Digital Capital Management, the affiliate firm of Mike Novogratz' Galaxy Digital. The third one is operated by Stone Ridge's Bitcoin subsidiary, NYDIG.

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Targeting wealthy clients

Accredited investors are required to put at least $25,000 into either the Galaxy Bitcoin Fund or FS NYDIG Select Fund.

They are not allowed to invest more than 2.5 percent of their net worth into Bitcoin, which dramatically restricts the number of those who can gain simplified exposure to the cryptocurrency.

The minimum investment threshold for Galaxy's institutionally-oriented fund is set at a whopping $5 million.