Morgan Stanley is set to become the first major U.S. bank to offer its wealth management clients access to bitcoin funds. The bank, with $4 trillion in client assets, told financial advisors in an internal memo it’s launching access to three funds that let investors gain exposure to crypto.

The move reportedly comes after Morgan Stanley clients demanded exposure to the flagship cryptocurrency. The bank will, for now, only allow wealthier clients with at least $2 million in assets and “an aggressive risk tolerance” to invest in the funds.

Investments firms will need at least $5 million at the bank to qualify for the bitcoin funds. Both investment firms and clients will need to have accounts with at least 6 months at the bank. Even then, their BTC investments are limited to 2.5% of their total net worth.

Two of the funds, the Galaxy Bitcoin Fund LP and FS NYDIG Select Fund, have a minimum investment of $25,000, while the Galaxy Institutional Bitcoin Fund LP has a $5 million minimum.

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Source: https://www.cryptocompare.com/email-updates/daily/2021/mar/18/