BREAKING: Morgan Stanley Bringing Bitcoin To Wealthy Clients

Happy Wednesday, Blockfolians

The Lede

HUGE news from Morgan Stanley today. As reported first by CNBC, the wealth management giant will be offering clients direct exposure to bitcoin via three funds run by Galaxy Digital, FS Investments, and NYDIG.

The funds are only available for extremely wealthy clients. You need $2m with the bank as an individual or $5m as a fund to qualify, and you need to have had it there for at least 6 months. What’s more, even if you qualify Morgan Stanley will only let you spend up to 2.5% of your net worth. Heckuva a lot of restrictions for a permissionless asset but here we are.

Whatever the restrictions, there is no denying how big a deal this is. Morgan Stanley is one of the biggest brands in banking and the fact that they’re offering clients real bitcoin exposure is sure to get notice.

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