Morgan Stanley plans to build a full Bitcoin stack that includes custody, trading, yield, and lending services for its clients. The Wall Street giant manages nearly $9 trillion and now wants those clients to hold and use Bitcoin directly on its platform.
From Partner Rails to In-house Bitcoin Custody
Amy Oldenburg, Morgan Stanley’s new head of digital asset strategy, outlined the roadmap at the Bitcoin for Corporations event in Las Vegas. She said the bank’s near‑term step is to let E*TRADE users buy and sell spot Bitcoin, Ethereum, and Solana. Users will access these assets through a partner like ZeroHash.
Over the following year, Morgan Stanley plans to move from renting partner rails to building a native custody and exchange layer. Oldenburg said the bank wants legal custody of the client’s BTC to be held by Morgan Stanley itself. Clients will expect the same no‑fail standards they apply to the bank’s traditional systems.
That internal infrastructure would let the bank handle wallets, keys, and settlement in‑house. It would also connect positions into existing reporting, risk, and compliance tools.
Oldenburg noted that many existing customers already hold a considerable amount of crypto off-platform. The bank wants to bring those assets under its umbrella.
Morgan Stanley Explores Yield and Lending on Top of Bitcoin
When asked whether Morgan Stanley plans to offer yield and lending backed by Bitcoin, Oldenburg answered “absolutely” and called it a natural part of the roadmap. She stressed that the firm remains at an early stage but is actively exploring structures that fit bank‑level risk and regulatory standards.
Potential products could include secured loans where clients pledge BTC held in custody, and yield‑style offerings that route balances into short‑term, low‑risk opportunities, though Oldenburg did not name specific designs. Any such services would have to align with emerging U.S. rules on bank‑led digital asset custody and capital treatment.
Morgan Stanley already offers indirect Bitcoin exposure through funds and ETFs. This plan would move it into direct spot services. The shift from third‑party funds to native custody and trading marks a deeper commitment. It is similar to moves planned by Citi and other global custodians.
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