Morgan Stanley, the third largest investment institution in the global financial market, will be the first major U.S. bank to offer bitcoin funds, according to CNBC television on Wednesday morning. According to the newspaper, the information reached the company’s financial advisers through an internal memo.
As CNBC, which specializes in economics, explained, the document says the bank is launching access to three funds that allow bitcoin to be held in up to 2.5% of shareholders’ equity. Two of them, the website revealed, will be offered by Galaxy Digital, the cryptocurrency company founded by Mike Novogratz. The third, he continued, will come from a partnership between asset manager FS Investments and bitcoin company NYDIG.
The funds are aimed at large investors, that is, for “the richest customers”, as the report mentions, emphasizing that an investment company, in order to qualify for the new product, it is necessary to have at least US $ 5 million in assets.
In the case of individual customers, the bank will only allow people with ‘an aggressive risk tolerance’ who “have at least US $ 2 million in assets held by the company,” said CNBC, adding that “in both cases, the accounts must be at least six months old ”.
Still according to the publication, people familiar with the matter said that customers are likely to be able to make investments as early as next month. That’s because, first, Morgan Stanley’s financial advisors need to take training courses linked to the new offerings.
Last month, NYDIG filed the authorization request with the SEC to trade a Bitcoin ETF. What drew the most attention was that Morgan Stanley was the only authorized initial participant in the ETF in the official document.
However, unlike Canadian regulators, which have already approved a number of Bitcoin ETFs, those in the U.S. have not yet endorsed any requests from local entrepreneurs.