2021-6-17 19:45 |
A new filing with the SEC indicates that another Morgan Stanley bitcoin fund will stem from the partnership of NYDIG and FS Investments.
A recent filing with the U.S. Securities and Exchange Commission (SEC) indicates that a new institutional bitcoin fund will be jointly created by NYDIG, an institutional bitcoin solutions provider, and FS Investments, a fund management company.
The fund, called FS NYDIG Institutional Bitcoin Fund LP, is the second product born from the formal partnership between the two companies. The first, which dates back to March, was made available to Morgan Stanley’s wealth management clients –– making the firm the first prominent American bank to offer bitcoin exposure to its clients in this way.
Similarly, the new institutional bitcoin fund is also set to be offered through Morgan Stanley. The filing asserts that the investment bank “will receive certain placement and servicing fees with respect to clients it refers to the issuer, as disclosed to the applicable clients.” But the pooled investment fund’s first sale appears yet to occur.
NYDIG is a bitcoin-focused financial services firm and subsidiary of Stone Ridge Asset Management that has lately been quite active in the bitcoin ecosystem. In the past couple of months, the company raised $100 million, announced it would help bring bitcoin services to hundreds of U.S. banks and led a $25 million investment round in Unchained Capital.
Meanwhile, FS Investments is an asset manager that seeks to provide clients with alternative sources of income and growth. Founded in 2007, the firm has $23 billion in assets under management, with offices in Philadelphia, New York, Orlando, FL, and Leawood, KS.
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