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The Big Idea
Last week we shared our thesis that we were seeing the beginning of the “next institutional wave” coming to Bitcoin. Right on cue, this week we’ve learned that Morgan Stanley is poised to open up access to not just one but three institutional BTC funds for its wealth management clients.
Now, access to these funds will be restricted. Individuals must hold $2М with the bank while investment firms must hold $5М. What’s more, Morgan Stanley is capping client Bitcoin investments at 2.5% of net worth.
On the flipside, these funds offer real Bitcoin exposure — not just the sort of public market versions of crypto we’ve seen before. It’s clear then that Morgan Stanley is seeing enough demand from clients to put their $4T AUM reputation on the line.
The funds are managed by Galaxy Digital, FS Investments, and NYDIG and will open next month after Morgan Stanley’s financial advisors get training on the new product.
This section was supposed to end here but then, early on Friday, reports emerged that Morgan Stanley was in talks to acquire a significant stake in leading South Korean crypto exchange Bithumb.
Slowly but surely Bitcoin is getting Wall-Street mainstream.
The Latest In…
The US stimulus is passed, and that means about $400B smackers are going to be finding their way to Americans’ accounts. The crypto community is obviously wondering how much of that is going to end up pumping prices. According to a survey released this week by Mizuho Securities, two in five Americans are looking to put some of their money into stocks and Bitcoin (with Bitcoin being significantly preferred to stocks) and overall 10% — or $40B — could find its way over.
The Latest In…
Honestly, it was kind of a big week for alts. Headlining the news was the announcement that Grayscale would be opening trusts for five new coins:
On top of that, the NEXO Token hit a fresh new all-time high of $2.80 and Coinbase announced that ADA (Cardano) was coming to its Pro platform. We don’t use the world Altszn, but its not looking bad out there for an alt.
The Latest In…
We’ve frequently discussed Bitcoin treasury holdings in this newsletter. It has been one of the defining trends of crypto markets over the last six months. This has caused many to speculate if Ethereum would follow. For at least one public company, the answer is yes. Meitu is a Hong Kong-listed software company that has just completed its second purchase of both BTC and ETH as treasury assets. In total, the firm now holds $39.5M in BTC and $50.4M in ETH. Put that in your store of value pipe and smoke it.
The Latest In…
When Beeple shocked the world with a $69M auction with Christie’s, you know that auction house’s great competitor Sotheby’s couldn’t be far behind. This week, they announced a partnership that would bring the works of digital artist Pak to market. In addition to the specific art for sales, the CEO of Sotheby’s has been all over TV talking about other ways they want to integrate crypto — including letting people pay and be paid with cryptocurrency. Seems like we’re just at the beginning of the traditional collecting world’s overlap with this industry.
The Week’s Most Interesting Data Story
As more and more of the Wall Street set has gotten into crypto, one of the commonly asked questions has been: is Bitcoin going to start acting more like other macro assets — i.e. respond to short-term macro happenings, like a Fed Chair press conference? While one event doesn’t make a trend, it is pretty interesting to see how Bitcoin responded to Jerome Powell’s comments around this week’s Fed meeting. That meeting reaffirmed the Federal Reserve’s commitment to low interest rates and sustained asset purchases, and so was seen as generally good for financial assets and especially good for assets that might hedge against the inflation that the Fed clearly isn’t worried about.
Our Take
Originally published at https://nexo.io.
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Dispatch #27: Morgan Stanley Bets Wealthy Clients Want Bitcoin was originally published in Nexo on Medium, where people are continuing the conversation by highlighting and responding to this story.
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