Morgan Stanley, a global investment bank (IB), is expected to launch the first’Bitcoin (BTC) Fund’ on Wall Street in the United States.
On the 17th (US time), CNBC reported exclusively that, citing an anonymous source, Morgan Stanley is launching three bitcoin funds for wealth management customers.
Morgan Stanley is said to only allow investments to clients with assets of over $2 million. However, the investment company must have an asset of 5 million dollars or more.
Both individual and corporate clients must have a Morgan Stanley account for at least six months. It is reported that the investment limit will be set at 2.5% of total net assets.
As BTC is highly volatile, only investors with’aggressive risk tolerance’ are allowed. Two of these funds are Galaxy Digital’s fund products, and the other one is a joint product of FS Investment and NYDIG.
The source added, “Morgan Stanley has completed internal training on the new product, and plans to launch the product as early as next month.”
Morgan Stanley is the first large US investment bank to allow direct BTC investment. Currently, Goldman Sachs, JPMorgan Chase, and Bank of America do not handle BTC direct investment products.
This move is expected to accelerate the incorporation of Bitcoin into the mainstream.
Earlier this month, JP Morgan also submitted a description of the JP Morgan cryptocurrency exposure basket to the US Securities and Exchange Commission (SEC). These are bonds linked to stocks of companies that have invested in BTC, such as MicroStrategy and Square.
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