Morgan Stanley to Offer Clients Bitcoin Fund Access

Morgan Stanley is set to become the first major American bank to offer its wealth management clients access to bitcoin funds, CNBC reported. This will allow certain clients ownership of the cryptocurrency. The investment bank told its financial advisors in an internal memo about its plan to launch three funds. Two will be run by Galaxy Digital, the crypto firm founded by Mike Novogratz, while one will be jointly managed by FS Investments, an asset manager, and NYDIG, a bitcoin company. Morgan Stanley is the first among the six biggest US banks to offer their clients access to bitcoin. Access is limited to rich clients with "an aggressive risk tolerance" on top of having at least $2 million in assets held by the firm. They can likely start making investments by next month CNBC reported.