Bitcoin (BTC) is back above $59,000, fueled by news that Morgan Stanley will give wealthy clients access to the leading cryptocurrency.
The investment bank with $4 trillion in client assets is reportedly launching three funds that will allow its customers to buy Bitcoin.
CNBC was first to report the move, which makes the financial giant one of the first big US banks to give wealth management clients access to Bitcoin funds.
The financial outlet cites people with “direct knowledge” of the situation. They say the decision to support Bitcoin was made after customers demanded to have access to crypto assets.
Two of the funds are from Galaxy Digital, and the third is from NYDIG.
For now, clients with at least $2 million in assets held by the bank will have access to the funds. Investment firms need to have at least $5 million to qualify, and accounts need to be at least six months old. Bitcoin investments are also capped at 2.5% of the investors’ net worth.
Clients can reportedly start buying Bitcoin starting next month once the bank’s financial advisors complete their training courses on the new financial products.
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