Author: Felix, PANews
At the beginning of the new year, Morgan Stanley has been particularly active in the cryptocurrency space. Not only has it submitted documents to the U.S. Securities and Exchange Commission (SEC) to apply for the launch of spot cryptocurrency trust products, but it also plans to launch a digital wallet and support tokenized assets.
As one of the largest wealth management companies in the world and the sixth largest bank in the U.S. by asset management size, Morgan Stanley's approach to cryptocurrency has gradually shifted from cautious observation to active engagement in recent years. Compared to other banks like JPMorgan and Goldman Sachs, which have been actively positioning themselves in the cryptocurrency space, Morgan Stanley seems to be quickly "catching up" with the crypto wave.
Early Cautious Attitude Towards Cryptocurrency
Morgan Stanley initially held a cautious attitude towards cryptocurrency, primarily participating indirectly through custody services and distributing third-party products. In 2024, after the SEC approved the first batch of spot Bitcoin ETFs, crypto assets began to mainstream, but Morgan Stanley still limited crypto investments. Only high-net-worth clients (with assets of at least $1.5 million) who have a "risk-tolerant" profile could invest in Bitcoin or Ethereum funds through taxable brokerage accounts.
In 2025, as U.S. regulations loosened and the asset size of crypto ETFs increased, Morgan Stanley adjusted its strategy. In September 2025, it announced a partnership with crypto infrastructure provider Zerohash to plan to offer crypto trading to retail investors through the E-Trade platform in 2026.
In October 2025, Morgan Stanley fully lifted restrictions on crypto investments, allowing all clients (including retirement accounts like IRAs and 401(k)s) to invest in products like spot Bitcoin ETFs through recommendations from wealth management advisors.
Submitted Three Crypto ETF Applications Within 24 Hours
Entering 2026, Morgan Stanley accelerated its actions in the cryptocurrency space. On January 6, according to information released by the SEC, this Wall Street firm, which manages approximately $6.4 trillion in assets, submitted S-1 filings for Bitcoin and Solana trusts, with the Solana trust also including staking features.
On January 7, Morgan Stanley further expanded its layout in the crypto product field. It submitted an application to the SEC to launch a spot Ethereum ETF. This trust will hold Ethereum and aim to track its price movements while generating income through staking a portion of its fund holdings. The filing stated that the trust would reflect these earnings through its net asset value rather than directly distributing staking earnings to shareholders.
Morgan Stanley is not a top-tier issuer in the ETF space, managing about 20 ETFs, but currently only two are issued under the Morgan Stanley name. The application for the Ethereum trust means that Morgan Stanley submitted three crypto ETF applications in just 24 hours, highlighting its emphasis on the crypto field.
Plans to Launch Digital Wallet in the Second Half of the Year
In addition to planning to launch BTC, ETH, and SOL ETF trading on its E-Trade platform, Morgan Stanley also plans to launch its own digital wallet.
On January 8, Morgan Stanley outlined its plans for investments in digital assets, corporate office business, and private markets. It mentioned that it would launch a self-developed digital wallet later this year, supporting the holding and management of cryptocurrencies while focusing on tokenized assets, including blockchain representations of traditional securities (such as stocks and bonds), private equity, and real estate, aiming to deeply integrate cryptocurrencies with the tokenization of physical assets into traditional financial services.
Jedd Finn, head of Morgan Stanley Wealth Management, stated, "This actually indicates that the way financial services infrastructure operates is about to change. Over time, as our infrastructure develops, we will be able to better integrate traditional finance (TradFi) and decentralized finance (DeFi) ecosystems."
Not only Morgan Stanley, but other banks that were previously less active in the crypto space, such as Bank of America and Citibank, are also increasing their layouts in 2026. For example, starting in January 2026, Citibank will allow wealth advisors to recommend a 1-4% crypto allocation to all clients and plans to launch crypto custody services (which have been in development for 2-3 years) in 2026, including holding native crypto tokens.
From a cautious attitude to loosening restrictions and then to actively embracing, Morgan Stanley's shift in attitude may reflect the experiences of many traditional financial institutions as cryptocurrencies integrate into mainstream society. In the future, with the approval of ETFs and the full rollout of digital wallets, cryptocurrencies may bring long-term competitive advantages to Morgan Stanley and accelerate the global digital transformation of finance.
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