It’s really 2,5% of their qualified customer’s net worth, not the client base. The limitation is set , I figure, to reduce their exposure to a very volatile asset (I wonder if they do that for other assets). Basically, they’re playing here to let the rich make the move without it being too much of a fall if things go sideways.
Quote
https://www.cnbc.com/amp/2021/03/17/bitcoin-morgan-stanley-is-the-first-big-us-bank-to-offer-wealthy-clients-access-to-bitcoin-funds.html
KEY POINTS
The investment bank told its financial advisors Wednesday in an internal memo that it is launching access to three funds that enable ownership of bitcoin, according to people with direct knowledge of the matter.
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.
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.
KEY POINTS
The investment bank told its financial advisors Wednesday in an internal memo that it is launching access to three funds that enable ownership of bitcoin, according to people with direct knowledge of the matter.
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.
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.
Bitcoin the most successful asset of the last decade getting more potential to possibly become the most successful asset of this decade.