Morgan Stanley is accelerating its involvement in the cryptocurrency industry.
According to a CNBC report, the $4 trillion wealth management firm is providing high-end clients with access to three funds that enable bitcoin ownership. The report cites an internal memo and unnamed sources with knowledge of the matter.
Morgan Stanley has inched into the crypto markets in recent months, becoming a major shareholder in MicroStrategy, the publicly traded business intelligence firm known for buying billions in bitcoin. Morgan Stanley also joined a $200 million investment in bitcoin firm NYDIG earlier this month.
CNBC reports the latest move is a direct response to Morgan Stanley clients demanding bitcoin exposure.
Two of the funds are from Galaxy Digital and the other is joint effort by FS Investments and NYDIG, according to the report.
This is a developing story and will be updated.