Morgan Stanley is about to become one of the first major investment banks to offer its wealthy clients the ability to invest in bitcoin.
In a kind of “stamp of approval” for the crypto-currency, Morgan Stanley reportedly will offer wealthy clients with at least $2 million in their portfolios and “an appetite for risk” access to three funds. Bloomberg reported the news, citing a personal familiar with the matter.
Galaxy Digital is said to run two of the bitcoin funds being offered and the third is run by FS Investments and NYDIG, per the report.
In recent months numerous financial institutions have taken stakes in bitcoin including Mass Mutual Insurance, BlackRock, and even Tesla.
Morgan Stanley’s reported interest on behalf of its clients signals another layer of credibility for the crypto currency.