Happy Wednesday, Blockfolians
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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Highly Relevant Reading
Grayscale creating 5 new trusts including BAT and LINK
100 new Bitcoin ATMs coming to the US
More details on the Coinbase listing
$90M in Filecoin miners for Chinese firm
The future of DeFi?
What’s next for markets
Alex Krüger @krugermacroStimulus checks coming. Surveys indicate somewhere between $100 billion and $20 billion could go into equities (yes, that's a wide range), half as much into crypto. $10 billion in crypto inflows should have a significant impact on prices. https://t.co/wEtRMtxE9n
A Really Big Number We Should Be Paying Attention To
That’s the amount of BTC and ETH that publicly traded Meitu just added to its books
Welp, can’t unsee this