Morgan Stanley first among major U.S. banks to offer clients access to bitcoin funds

Morgan Stanley has become the first of the major U.S. banks to offer asset-managing clients access to bitcoin-based investment funds. CNBC reports, citing its own sources.

According to CNBC, the two funds are Galaxy Bitcoin Fund LP from Galaxy Digital led by Mike Novogratz, and a jointly launched investment vehicle from NYDIG and FS Investments.

Accredited investors with at least $2 million in capital may qualify for stakes. For investment companies, the threshold is at least $5 million on bank accounts and an account age of at least six months. The bank has capped investments in bitcoin funds at 2.5% of its own capital.

Minimum investments in Galaxy Bitcoin Fund LP and FS NYDIG Select Fund are $25,000, while Galaxy Institutional Bitcoin Fund LP requires $5 million.

CNBC sources said that clients will most likely be able to purchase shares in the funds no earlier than next month after bank financial advisers complete training related to the new offering.

Earlier reports indicated that Counterpoint Global, a unit of Morgan Stanley Investment Management, is considering investing in the first cryptocurrency.

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