Morgan Stanley is reportedly launching access to three funds that enable ownership of bitcoin, according to CNBC. The move makes the investment firm the first big U.S. bank to offer its wealth management clients access to bitcoin funds.
- Morgan Stanley’s move is a significant step for the acceptance of bitcoin as an asset class
- The move towards bitcoin funds was made by Morgan Stanley after clients demanded exposure to the cryptocurrency.
- Morgan Stanley will only allow its wealthier clients to access bitcoin or those with an “aggressive risk tolerance” and have at least $2 million in assets held in the firm.
- Investment firms need at least $5 million at the bank to qualify for the new stakes and the accounts have to be at least six months old.
- Morgan Stanley will limit bitcoin investments to as much as 2.5% of investors’ total net worth
- Clients could make investments as early as next month, after the bank’s financial advisors complete training courses tied to the new offerings.
Morgan Stanley stock is currently gaining. MS: NYSE is up 0.92%