Morgan Stanley has confirmed it is offering its wealth management clients exposure to bitcoin by way of a pair of external crypto funds.
In its first-quarter earnings call, the $4 trillion wealth management firm’s CFO, Jonathan Pruzan, said the bank is allowing qualified investors to gain access to two passive funds.
“As we see more interest, we’ll work with regulators to provide services we think are appropriate,” Pruzan said of its crypto services.
CNBC reported in March the Morgan Stanley funds are open to individual investors with at least $2 million or investment firms with at least $5 million. The bank put a cap on bitcoin investments, only allowing individual investors to put 2.5% of their net worth into the asset.
Two of the funds are from Galaxy Digital and the other is a joint effort from FS Investments and NYDIG, according to the CNBC report.
Morgan Stanley did not confirm on the earnings call which funds were involved.