US Bank Morgan Stanley to launch three bitcoin funds.
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US Bank Morgan Stanley will be the first US bank to launch three bitcoin funds that will give investors to gain exposure to bitcoin. Morgan Stanley has always been weary of launching crypto services, but the increased demand in the last few months among institutional clients and a favorable environment for cryptocurrencies changed the bank’s view on cryptocurrencies.
This information was revealed on Thursday on CNBC by two people knowing about the bank’s internal activities. It is believed that these funds will form part of the $4 trillion wealth management business of the bank. Two of the Bitcoin funds are: Galaxy Bitcoin Fund LP and the Galaxy Institutional Bitcoin Fund LP.
The funds will be available next month, but they will only be available to investors that have an ‘aggressive risk tolerance’, minimum of $2 million in assets with the bank, and must have had the account with the bank for at least 6 months.