Morgan Stanley to Offer Clients Exposure to Bitcoin Funds: Report
Two of the funds are from Galaxy Digital and the other is joint effort from FS Investments and NYDIG, according to CNBC.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/WKGL53Q7GRETHBWBK2ZNPK3OX4.jpg)
Morgan Stanley's U.K. headquarters
Morgan Stanley is accelerating its involvement in the cryptocurrency industry.
According to a CNBC report, the $4 trillion wealth management firm is providing high-end clients with access to three funds that provide bitcoin exposure. The report cites an internal memo and unnamed sources with knowledge of the matter.
Morgan Stanley has inched into the crypto markets in recent months, becoming a major shareholder in MicroStrategy, the publicly traded business intelligence firm known for buying billions in bitcoin. Morgan Stanley also joined a $200 million investment in bitcoin firm NYDIG earlier this month.
CNBC reports the latest move is a direct response to Morgan Stanley clients demanding bitcoin exposure.
Two of the funds are from Galaxy Digital and the other is joint effort from FS Investments and NYDIG, according to the report.
That said, the Morgan Stanley offering comes with a handful of restrictions. According to the report:
The funds will likely be open to Morgan Stanley clients as early as next month.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.