Bitcoin has scored another win as Morgan Stanley becomes one of the first major American banks to allow its wealthy clients to access Bitcoin.
According to the news carried by CNBC, the investment bank told financial advisors in an internal memo on Wednesday that it was opening access to three funds that would allow clients to own Bitcoin.
For a start, Morgan Stanley will only service wealth investment clients who have at least $2 million in assets. Investment firms, on the other hand, must have at least $5 million at the bank to qualify for the new offering. In both cases, the accounts must have been with the bank for at least six months.
Morgan Stanley has capped the Bitcoin investment limit at 2.5% of a client’s total net worth, sources familiar with the matter revealed.
Two of the three funds supported by the bank are from Galaxy Digital, a crypto firm founded by Mike Novogratz. The third fund is a jointed effort from NYDIG and FS Investments. While the Galaxy Bitcoin Fund LP and FS NYDIG Select Fund have a minimum investment of $25,000, the Galaxy Institutional Bitcoin Fund LP has a minimum threshold of $5 million.
Sources expect that investors will be able to access the offering from next month.