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Strategies & Market Trends : Charts for Breakout II

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To: da_spot who wrote (7888)	3/18/2021 5:08:58 PM
From: Julius Wong	Read Replies (1) of 8531

Morgan Stanley to offer wealthier customers access to bitcoin funds - CNBC Mar. 17, 2021 12:15 PM ET Morgan Stanley (MS) By: Liz Kiesche, SA News Editor 17 Comments Bringing more heft to the cryptocurrency space, Morgan Stanley ( MS +1.1%) is the first big bank to offer its wealth management customers access to bitcoin funds, CNBC reports, citing an internal memo and people with knowledge of the matter. The bank is providing access to three funds to enable ownership of bitcoin. The move comes as Morgan Stanley Wealth Management strategists issued a note saying that crypto is crossing the threshold from a speculative investment to an "investable asset class." Client demand for exposure to crypto assets spurred that move by Morgan Stanley, the people told CNBC. For now, the bank is only allowing its wealthier clients to invest in the asset. The bank is offering the clients the ability to invest in two funds from Mike Novogratz's Galaxy Digital ( OTCPK:BRPHF +10.4%) and third fund that's jointly run by FS Investments and NYDIG, a firm that Morgan Stanley has invested in. The bank's clients may be able to invest in those funds as early as next month, once its financial advisers complete training on the new offerings, they said. JPMorgan Chase filed documents related to a new debt investment tied to a basket of stocks with cryptocurrency exposure such as Square and MicroStrategy, which both companies hold bitcoin on their balance sheets.

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