Morgan Stanley will begin offering access to at least one bitcoin-related fund to accredited wealth management clients.

It's the latest sign of bitcoin adoption on Wall Street and a big development for the cryptocurrency in the wealth management channel. Morgan Stanley's wealth management unit boasts 16,000 advisors, managing some $4 triillion in client assets.

According to the Block, the firm could offer clients access to funds operated by NYDIG or Galaxy Digital.

On Wednesday, Morgan Stanley published a note through its wealth management unit that outlined the case for cryptocurrency as an emerging investable asset class. That piece notably suggested that would-be investors should look to publicly traded products rather than obtain direct exposure via coin ownership.

"For those qualified* investors ready to gain exposure, we suggest starting with publicly traded products—preferably ones that are multiasset and potentially accessing the growth opportunities through a venture capital/private equity investment in the blockchain ecosystem," the note explained in its conclusion.

That Morgan Stanley would offer access to an NYDIG fund is perhaps unsurprising, given that the Wall Street bank was among those to participate in NYDIG's $200 million growth capital round earlier this month.