Morgan Stanley approves Bitcoin exposure for a handful of mutual funds

Morgan Stanley gives a handful of its mutual funds the option to invest in bitcoin indirectly through cash-settled futures and Grayscale’s Bitcoin trust.

According to the filings submitted on Thursday, “certain funds” are now allowed to seek “indirect exposure to Bitcoin”. The first rollout includes five Morgan Stanley fund families: Institutional Fund, Institutional Fund Trust, Europe Opportunity Fund, Insight Fund and Variable Insurance Fund.

Each fund can invest up to 25% of its total assets in Bitcoin. At the time of going to press it was not clear whether one had started. Morgan Stanley declined to comment.

Connected: Former SEC chairman Jay Clayton warns of new Bitcoin regulations

Continue reading: Morgan Stanley sees cryptocurrencies on their way to becoming an asset class

The green light underscores Morgan Stanley’s growing interest in Bitcoin as an asset class, even if crypto is initially being kept at a distance through indirect exposure. Bitcoin mutual fund products were unveiled last month, but only for wealthy clients.

Just yesterday, Megabank published its first recruitment call for a leading analyst for cryptocurrency and blockchain.

Grayscale is owned by CoinDesk’s parent company, Digital Currency Group.

Connected: FinCEN appoints former Deputy Director of Chain Analysis to step down from Blanco

UPDATE (April 1st, 16:40 UTC): Doesn’t add a comment from Morgan Stanley.

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