Morgan Stanley: Wall Street’s crypto shift years in the making

Morgan Stanley says Wall Street’s crypto push is the result of years of planning, not FOMO. The bank is launching spot bitcoin ETFs and preparing to support tokenized equities by 2026.

Morgan Stanley and other major financial institutions are advancing their cryptocurrency strategies after years of preparation and infrastructure upgrades. This move is not a sudden reaction to market trends or fear of missing out, but rather a carefully planned initiative. Amy Oldenburg, Morgan Stanley’s digital asset strategy lead, emphasized at the Digital Asset Summit that Wall Street’s entry into digital assets is deliberate and long-term. Historically, banks limited their crypto involvement to indirect exposure, such as offering bitcoin funds to high-net-worth clients. Recently, they have expanded into spot bitcoin ETFs and are filing to launch their own digital asset products. This shift was delayed by regulatory, compliance, and infrastructure challenges. Now, banks have developed comprehensive digital asset strategies, including trading, asset management, and support for tokenized equities. Their cautious, research-driven approach contrasts with the rapid moves of crypto startups, highlighting the extensive internal research and risk management frameworks established by traditional banks.