Morgan Stanley might extend its bitcoin offerings to its clients, giving them more options to have Bitcoin in their portfolio.
A company by the name of New York Digital Investment Group (NYDIG) specialising in Bitcoin related financial services. Has filed paperwork with the SEC to create an investment fund with Morgan Stanley, serving Morgan Stanley’s clients. FS Investments is also a partner of the fund and would bring their clients over as well.
The investment fund would allow Morgan Stanley to reap the benefits from Bitcoin without owning the assets. They charge their premiums based on the price differential of the asset, minimising the risk.
Morgan Stanley Championing Bitcoin:
Morgan Stanley and its CEO James Gorman were one of the first in the sector to accept Bitcoin as a legit asset. The bank started its first Bitcoin fund in March this year, and also plans to launch more funds as well. The Galaxy Bitcoin Fund by Morgan Stanley has a buying limit of $ 5 million for its high rolling clients. So far Morgan Stanley has had three funds with bitcoin as one of the assets and the NYDIG fund would be the fourth.
The company behind Morgan Stanley’s new fund has been trying hard to implement scalable solutions for buying bitcoin through the banking Industry. The company has partnered up with Morgan Stanley as well as Fidelity Investments in this regard.
After Morgan Stanley it is expected other large banks would also get in on the action by creating bitcoin funds.