Morgan Stanley Goes Full Crypto: Bitcoin Trading, Yield, and Custody – Boss Moves or Bossy Mistake?

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Well, strap in, folks, because Morgan Stanley is about to go from “crypto curious” to “crypto crazy.” According to Amy Oldenburg, their head of digital asset strategy (fancy title alert!), the bank is ready to dive headfirst into the Bitcoin pool, floaties and all. We’re talking spot trading on E*TRADE, native custody (because who doesn’t want to be their own crypto landlord?), and even yield and lending services. Because, you know, Bitcoin isn’t just for buying pizza anymore.

This grand plan was unveiled at Strategy World 2026 in Las Vegas, where Oldenburg and Strategy CEO Phong Le had a chat that was probably less “let’s make a bet on Bitcoin” and more “let’s make a bank on Bitcoin.” Oldenburg basically said, “We’re not just renting the Bitcoin rails anymore-we’re building our own McMansion on them.” Bold move, Morgan Stanley. Let’s see how this ages better than my 2008 MySpace photos.

From Crypto Renters to Crypto Landlords

Oldenburg explained that Morgan Stanley’s first step is letting E*TRADE clients “buy and sell crypto, spot crypto,” which is basically Wall Street’s way of saying, “We’re finally catching up to 2017.” But the real flex? Moving to a “native custody and exchange solution” within the next year. Oldenburg claims this will make Morgan Stanley “the first major bank” to offer this in-house. Congrats, guys. You’re like the first person to bring a salad to a potluck-everyone’s impressed, but no one’s really sure why.

Why does custody matter? According to Oldenburg, it’s all about “control, trust, and liability.” Or, as I like to call it, the holy trinity of “don’t mess this up.” She said, “People expect Morgan Stanley to be no-fail,” which is adorable. Like, have they met the internet? But hey, if anyone can make crypto feel like a trip to the DMV (boring but necessary), it’s Morgan Stanley.

Oldenburg also dropped some truth bombs about client behavior. Turns out, people have crypto assets, but they’re not keeping them with Morgan Stanley. Shocking, I know. With “$8 trillion in assets on platform,” Le pointed out that clients are basically playing crypto hide-and-seek. Oldenburg agreed, calling it a “considerable number” of clients. Translation: “We noticed you’re not giving us all your money, and we’re not happy about it.”

Oldenburg tied her crypto epiphany to her past life running Morgan Stanley’s emerging markets business, which is like saying, “I’ve been watching this train wreck for years, and now I’m ready to jump on board.” Her goal? To provide services as crypto “continues to mainstream and institutionalize.” Because nothing says “mainstream” like a bank trying to be cool.

Morgan Stanley’s new Head of Digital Asset Strategy confirms the bank is building out Bitcoin trading, lending, yield, and custody services.

– TFTC (@TFTC21) February 25, 2026

And yes, yield and lending against Bitcoin are on the table. When asked if Morgan Stanley would offer these services, Oldenburg said, “Absolutely.” Because if there’s one thing banks love, it’s lending money and making more money. She did admit they’re still in the “early journey” phase, which is Wall Street speak for “we’re figuring this out as we go.” But hey, DeFi lending is booming, so why not jump on that bandwagon?

Last October, Morgan Stanley called Bitcoin “digital gold,” which is either a huge compliment or a subtle dig at gold’s lack of emojis. They also recommended a 2%-4% allocation to digital assets, which is like saying, “Dip your toe in, but don’t get too wet.” At press time, Bitcoin was trading at $68,138, which is roughly the cost of a small yacht or a really nice panic attack.

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2026-02-26 17:12