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Morgan Stanley aims expansion of its bitcoin fund options as NYDIG and FS Investments already filed paperwork with the SEC for a BTC investment fund. In our latest Bitcoin news today, we find out more about the expansion plan.
The bank embraced bitcoin funds in March and Morgan Stanley’s wealth management clients are now expecting more options for getting into BTC. New York Digital Investment Group is a financial services company dedicated to BTC and FS investments filed paperwork with the US Securities and Exchange Commission for a new investment fund aimed at clients of the US giant bank.
These funds allow companies or people to get exposure to the BTC price without having to take custody of the asset. The funds to do that more or less by tracking the price of BTC and adding on the management fee but some funds can trade at a premium or discount compared to their underlying asset. As per the SEC filing, Morgan Stanley aims expansion in the BTC fund space and will receive certain placement and servicing fees with the respect to clients that it refers to the issuer.
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The NYDIG institutional BTC fund LP will be the fourth Morgan Stanley linked fund which provides institutional clients portfolios with more exposure to crypto and the second from NYDIG and the FS Investments company. Morgan Stanley offered BTC funds back in March like the FS NYDIG Select Fund, the Galaxy Institutional Bitcoin Fund LP, and Galaxy BTC fund LP. Also, it was the first bank to do so though the funds had pretty high barriers to entry with the minimum investment for the former two being set at $25,000 and it is $5 million to buy the Galaxy Institutional BTC fund LP.
As it can be seen by its tagline, NYDIG has been even more active on the crypto front as it partnered with Fidelity National Information Services to announce a new way for ordinary bank customers to purchase BTC within their accounts. Patrick Sells who is the head of bank solutions at NYDIG told CNBC:
“What we’re doing is making it simple for everyday Americans and corporations to be able to buy Bitcoin through their existing bank relationships.”
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