Bitcoin extended its rally on Monday, surging by more than 10% to hit past the $54,000 mark again following a selloff last week.
The rally comes amid reports that multinational banking giant JPMorgan Chase & Co. will launch an actively managed bitcoin fund to some of its clients as early as this summer, Coindesk reported on Monday citing sources familiar with the matter.
NYDIG, a cryptocurrency-focused investment firm, will act as the custody provider as the fund will be offered to private wealth clients.
Morgan Stanley Bitcoin
Morgan Stanley became the first big United States bank to roll out bitcoin funds to its wealthiest clients in March.
Morgan Stanley enabled access to three funds that provide the bank’s wealth management clients with the possibility of Bitcoin ownership.
According to CNBC, Morgan Stanley is considering the service for people with an “aggressive risk tolerance” who have at least $2 million in assets held by the company. Two funds included in the offer are from Galaxy Digital, while the third comes from FS Investments and NYDIG.
However, there are reportedly some restrictions when it comes to the offer. Investment firms need to have a minimum of $5 million at the bank to qualify for new stakes, with the accounts being old for more than six months.