From cold wallets to white gloves: Morgan Stanley wants in on crypto ETFs

Morgan Stanley is inching closer to the crypto dance floor.

Summary

• The filings, which cover ETFs linked to Bitcoin and Solana, underscore how quickly digital assets have gone from compliance headache to boardroom strategy as regulatory guardrails firm up under President Donald Trump.
• For big banks, crypto is no longer something clients quietly ask about—it’s something they’re expected to offer.
• The news comes on the heels of Morgan Stanley’s expansion of crypto investment access to all clients and account types.

The investment bank has filed with the U.S. Securities and Exchange Commission (SEC) for approval to launch exchange-traded funds (ETFs) tied to cryptocurrency prices—marking the first time a major U.S. bank has moved to roll out crypto-linked ETFs of its own.

The proposed funds would track the prices of Bitcoin (BTC) and Solana (SOL), giving investors exposure to crypto without the hassle of private keys, cold storage, or explaining to compliance why a laptop full of seed phrases went missing.

Morgan Stanley’s move follows growing demand for ETF-based crypto exposure, which many investors see as a cleaner, more liquid, and regulator-friendly alternative to holding tokens directly.

Regulatory momentum greases the wheels

In December, the Office of the Comptroller of the Currency cleared banks to act as intermediaries for crypto transactions, further narrowing the gap between traditional finance and digital assets once dismissed as purely speculative.

The shift is notable because, until recently, U.S. banks largely stayed in the crypto back seat, serving mainly as custodians while asset managers handled issuance. That began to change after the SEC approved the first U.S.-listed spot bitcoin ETF two years ago, which triggered a wave of similar products from asset managers eager to meet investor demand.

Now, banks want more than a passive role.

The news comes on the heels of Morgan Stanley’s expansion of crypto investment access to all clients and account types. Bank of America followed suit, allowing its wealth advisers to recommend crypto allocations beginning in January—no minimum portfolio size required.