Goldman Sachs plans to allow its wealthy clients to invest in bitcoin according to an internal memo leaked to CNBC.
Mary Rich, the recently appointed global head of digital assets for Goldman’s private wealth management division, said the new offering was due to client demand.
What they will roll out exactly remains unclear, with Rich saying they plan to ultimately offer the full spectrum, but initially they will probably limit it to bitcoin funds for those with assets of $25 million or more.
That follows Morgan Stanley’s announced plans to allow their wealthy investors, those with $2 million in assets at the bank, to invest in the Galaxy Bitcoin Fund LP and FS NYDIG Select Fund as well as the Galaxy Institutional Bitcoin Fund LP.
Morgan Stanley is limiting their wealthy clients to invest no more than 2.5% of their assets in these bitcoin funds.
Here too it was client demand that pushed the $4 trillion asset manager for the wealthy to expand their service to bitcoin.
So marking a continuation of bitcoin’s integration in traditional financial infrastructures.