What You Need to Know
- Galaxy Digital runs two of the funds, and the third is overseen by FS Investments and NYDIG.
- Only clients with “an aggressive risk tolerance” and at least $2 million in assets with the wirehouse will have access to the funds.
- Morgan Stanley CEO James Gorman was one of the first Wall Street leaders to lend credence to Bitcoin.
Morgan Stanley plans to offer wealthy clients access to three funds that will enable ownership of Bitcoin, according to a person familiar with the matter.
Galaxy Digital runs two of the funds, and the third is overseen by FS Investments and NYDIG, the person said, asking not to be identified because the move hasn’t been announced publicly.
Only wealthy clients with “an aggressive risk tolerance” and at least $2 million held by the New York-based firm will have access to the funds. CNBC reported the decision earlier Wednesday.
Wall Street banks have stayed mostly on the sidelines as cryptocurrencies surged in popularity.