Earlier this week, the 90-year-old institution announced it was planning to launch its own bitcoin exchange-traded fund (ETF), which would make it the first major U.S. bank to do so. And late last year, the bank also revealed plans to offer crypto trading via its E-Trade platform, calling it the “tip of the iceberg.”

Jed Finn, head of the bank’s wealth management division, told Barron’s that all the plans were related.

It all fits together in a broader strategy of adapting to the change in the industry and in some cases driving the change in the industry…

This is really a recognition that the way that financial service infrastructure works is going to change… Over time as our infrastructure develops, we’ll be able to do more with the blending of the traditional finance, or tradfi, and decentralized finance, or defi, ecosystems.

Finn said that the bank was aiming to go live with its E-Trade crypto offerings in the first half of this year and its digital wallet by the second half.

Further plans for digital assets could include borrowing against crypto holdings to buy equities or making loans against cold-stored crypto, as per Barron’s.

Jeff Park, chief investment officer of Procap Financial, said that the bank’s decision to launch an ETF was “the most bullish thing ever,” arguing that it revealed how the digital asset market is “much bigger” than even crypto professionals anticipated, given that BlackRock already launched its massively successful IBIT product in 2024.

He stressed:

“It is unheard of for a vanilla ETF product to launch TWO YEARS after the first to market has already secured the liquidity throne.”

A Morgan Stanley bitcoin ETF would signal that, based on Morgan Stanley’s proprietary information, there is still enough untapped interest that the bank is willing to place a big bet on launching a new, commercially viable product.

“It means we are still so early,” Park concluded.

Read more: Morgan Stanley Prepares to Open E*Trade Doors to Major Crypto Trading

• What is Morgan Stanley’s new digital wallet?
  The bank is developing a proprietary crypto and digital asset wallet as part of a broader digital asset strategy planned for rollout in 2026.
• When will Morgan Stanley launch crypto services?
  The bank expects to launch crypto trading on E-Trade in the first half of 2026 and its digital wallet in the second half of the year.
• Is Morgan Stanley launching a bitcoin ETF?
  Yes, Morgan Stanley has announced plans for a bitcoin ETF, which would make it the first major U.S. bank to launch one.
• Why is Morgan Stanley expanding into crypto and DeFi?
  The bank says it is adapting to changes in financial infrastructure by blending traditional finance with decentralized finance to meet future demand.

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