MUSO blockchain: Morgan Stanley, the first bank to provide Bitcoin investment for the rich
According to reports from Bloomberg and CNBC on March 17, Morgan Stanley became the first bank in the United States to provide customers with bitcoin investment, allowing wealthy customers to hold bitcoin through three funds.
According to insider, the bank informed its financial advisers in an internal memo that the bank will provide wealth management clients with three investment channels for bitcoin-related funds. Morgan Stanley declined to comment on this. It is reported that two of the three funds are operated by Galaxy Digital, a cryptocurrency company founded by Mike Novogratz, a well-known former hedge fund manager, while the other is jointly managed by asset management company, FS Investment; and Bitcoin company, NYDIG.
MUSO blockchain believes that Morgan Stanley is the first bank among the six major U.S. banks to provide customers with Bitcoin investments. Insiders stated that this service was launched due to the request from customers.
However, the bank has strict requirements for which customers to provide this service. Customers must have “active risk tolerance” and at least $2 million in assets in the bank to enjoy this service. It is reported that this service may begin to be offered next month.
Recently, Bitcoin has risen staggeringly. On March 13, Bitcoin hit a new high of US$61,742. The Bank of America stated in a report on Wednesday that Grayscale Investment, the operator of Grayscale Bitcoin Trust, may hold 700,000 bitcoins, accounting for approximately 3.5% of the total global bitcoin supply. The current price is worth more than US$40 billion, making it the world’s largest public holder of Bitcoin.
As of Tuesday, the assets under the management of Grayscale Bitcoin Trust reached US$36.1 billion.
Bank of America said: “The trust has been steadily buying bitcoin in 2020, especially in the fourth quarter, and has become one of the top five holders of this cryptocurrency.”
The Grayscale Bitcoin Trust was established in 2013, and it is the first choice for investors who want to increase exposure to Bitcoin in their investment portfolio without directly buying this cryptocurrency. For many years, Grayscale Bitcoin Trust has been the only option for investors who want to easily invest in Bitcoin, because the U.S. Securities and Exchange Commission (SEC) has been blocking the launch of Bitcoin ETF.
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