Morgan Stanley’s wealth management clients could soon have more ways to invest in Bitcoin.
The US Securities and Exchange Commission (SEC) has received documentation from New York Digital Investment Group (NYDIG), a “financial services firm specialized to Bitcoin,” and FS Investments for a pooled investment fund aimed at Morgan Stanley clients.
The FS NYDIG Institutional Bitcoin Fund LP would be the fourth Morgan Stanley-linked fund, and the second from NYDIG and FS Investments, to give institutional clients’ portfolios some exposure to bitcoin.
The FS NYDIG Select Fund, the Galaxy Bitcoin Fund LP, and the Galaxy Institutional Bitcoin Fund LP were the first Bitcoin funds introduced by Morgan Stanley in March. It was the first large US bank to do so, however, the funds have significant entry hurdles, with the first two requiring a minimum investment of $25,000, and the Galaxy Institutional Bitcoin Fund LP requiring a $5 million commitment.
NYDIG has been even more active on the crypto front, as demonstrated by their motto. It announced a means for ordinary bank users to acquire Bitcoin within their accounts in May, in collaboration with Fidelity National Information Services (FIS).
At the time, Patrick Sells, head of bank solutions at NYDIG, told CNBC, “What we’re doing is making it simple for average Americans and corporations to be able to buy Bitcoin through their existing bank ties.”
That product has yet to make its way to Main Street. Wall Street has a leg up on the competition.
Give a look at:–El Salvador allegedly weighing paying representatives in Bitcoin
