The first big Wall Street investment bank has decided to offer their wealth management clients funds that will allow them to invest in bitcoin.
In a story CNBC first reported, Morgan Stanley informed their financial advisors Wednesday morning that the bank will launch access to three funds that will allow their clients to have ownership stakes in the cryptocurrency.
There is a bit of a catch however. They are only allowing it for now to their wealthiest clients because they consider it a volatile asset. Morgan Stanley told their advisors its most suitable for clients who have at least $2 million in assets held by the firm.
The accounts can’t be brand new either, they must be at least six months old.
Investment firms with accounts at Morgan Stanley will need at least $5 million at the bank to qualify for the bitcoin funds.
And the final restriction is this; the bank will limit bitcoin investment to only 2.5% of the total net worth of a client.
It appears clients can start investing in these funds as early as next week.
Two of the funds made available originate from Galaxy Digital, and the third is from asset manager FS Investments and the bitcoin company NYDIG.
Currently Morgan Stanley oversees $4 trillion in client assets.