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Entrepreneur
Kurra Bewarse
Username: Entrepreneur

Post Number: 3439
Registered: 05-2011

Rating: N/A
Votes: 0

Posted on Wednesday, March 17, 2021 - 6:03 pm:   

Morgan Stanley becomes the first big U.S. bank to offer its wealthy clients access to bitcoin funds

1. Two of the funds on offer are from Galaxy Digital, a crypto firm founded by Mike Novogratz, while the third is a joint effort from asset manager FS Investments and bitcoin company NYDIG.

2. Morgan Stanley is only allowing its wealthier clients access to the volatile asset: The bank considers it suitable for people with “an aggressive risk tolerance” who have at least $2 million in assets held by the firm. Investment firms need at least $5 million at the bank to qualify for the new stakes.

3. The investment bank, a giant in wealth management with $4 trillion in client assets.Investment firms need at least $5 million at the bank to qualify for the new stakes. In either case, the accounts have to be at least 6 months old.

4.And even for those accredited U.S. investors with brokerage accounts and enough assets to qualify, Morgan Stanley is limiting bitcoin investments to as much as 2.5% of their total net worth, said the people.

5. The Galaxy Bitcoin Fund LP and FS NYDIG Select Fund have minimum investments of $25,000, while the Galaxy Institutional Bitcoin Fund LP has a $5 million minimum.

6.Goldman Sachs, JPMorgan Chase and Bank of America’s wealth management divisions do not currently allow their advisors to offer direct bitcoin investments.

7.Earlier this month, JPMorgan filed documents related to a new debt investment tied to a basket of stocks with crypto exposure like MicroStrategy, the software firm that holds bitcoin on its balance sheet, and payments firm Square.

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