Institutional banking powerhouse Morgan Stanley seems to have given Bitcoin its nod of approval. Based on fresh intel via an “internal memo”, as reported on by CNBC, Morgan Stanley will give clients access to Bitcoin (BTC) investing, though only under specific conditions.
“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 reported on Wednesday. The opportunity is expected to open in April, according to the sources.
Bitcoin interest from mainstream finance has risen significantly over the past year or so, with players such as MicroStrategy, Tesla, and Square buying large stacks of BTC.
Participants in Morgan Stanley’s wealth management wing can gain access to Bitcoin through Galaxy Digital’s Bitcoin Fund LP and Institutional Bitcoin Fund LP, as well as FS Investments’ FS NYDIG Select Fund, although allocation is capped at 2.5% of each client’s overall wealth.
Clients must also carry accredited investor status, hold capital at Morgan Stanley valuing $2 million or more, and maintain a certain account history. That minimum raises to $5 million for investment firm clientele. Each fund also comes with minimum investment conditions, CNBC noted.
Bitcoin has come a long way since its inception in 2009. Rising in price from less than $1 to up past $60,000, BTC is now widely accepted as a viable investment. Bigger than numerous notable companies, Bitcoin’s total market cap has also surpassed the $1 trillion mark. Although it has gained significant status in the public eye, BTC still has ground to cover in terms of becoming a staple in the investing world.