E*TRADE to Launch Spot Bitcoin Trading for Millions of Retail Users

• E*TRADE will also roll out direct spot Bitcoin trading in early 2026 under the Zerohash collaboration with Morgan Stanley.
• Morgan Stanley is developing self-sovereign Bitcoin custody and is developing into the first large bank with a native exchange stack.
• The next stage of the crypto roadmap at E*TRADE is actively being considered and is Bitcoin yield and lending products.

E*TRADE will open up new avenues of access and trading in cryptocurrencies to retail investors by early 2026 when they roll out the capability of their customers to trade Bitcoin. 

The service will enable users to purchase, sell and hold Bitcoin through their current brokerage accounts with the backing of Morgan Stanley, one of the greatest investment banks on the Wall Street. 

The transfer obviates the use of independent crypto exchanges. Plans beyond trading include lending, yield products, and full in-house custody.

Retail Investors Get Direct Bitcoin Access Through E*TRADE

E*TRADE users will no longer need to leave their brokerage accounts to access Bitcoin. The platform is launching spot Bitcoin trading through a partnership with crypto infrastructure provider Zerohash. This gives millions of retail clients seamless, direct exposure to Bitcoin for the first time.

Previously, investors on traditional brokerage platforms were limited to Bitcoin ETFs. Spot trading is a different offering entirely — users will own the asset directly. That distinction matters for investors who want more than indirect exposure through a fund.

Amy Oldenburg, Morgan Stanley’s Head of Digital Asset Strategy, spoke at Strategy World 2026 in Las Vegas to outline what is coming. 

She drew on years of watching crypto adoption develop across emerging markets before joining Morgan Stanley. “This has been a very, very long journey for me, being on the ground with many of these companies and investors and users of cryptocurrencies early on,” she said. 

The goal now, she added, is to provide services as crypto “continues to mainstream and institutionalize.”

Morgan Stanley’s Infrastructure Powers the E*TRADE Launch

The E*TRADE rollout is part of a broader strategy Morgan Stanley is building behind the scenes. The bank is developing native custody and an internal exchange stack to support the platform over the next year. 

Oldenburg said the goal is for Morgan Stanley to become “the first major bank” to offer that combination entirely in-house.

That infrastructure shift matters for E*TRADE users because it changes who holds legal responsibility over their assets. 

Oldenburg was direct about why outsourcing that layer is no longer acceptable. “We really need to build this out internally. We can’t just primarily rent the technology to do this,” she said.

The brand trust that E*TRADE users associate with Morgan Stanley is central to how the bank is framing the product. Oldenburg described the standard the platform must meet to carry the Morgan Stanley name. 

“People expect Morgan Stanley, they trust our brand, to be no-fail. And when you sit in that position, you have a significant responsibility to your clients,” she said. That standard, she added, applies equally to every layer of the technology stack.

Yield and Lending Services Could Follow the Trading Launch

The E*TRADE Bitcoin offering may eventually go beyond simple spot trading. Morgan Stanley is actively exploring yield and lending products backed by Bitcoin as a next phase. 

When asked directly whether those services were on the table, Oldenburg did not hesitate. “Absolutely. That’s part of the discussion and the exploration. It’s a natural part of the roadmap to continue to explore,” she confirmed.

For retail investors on E*TRADE, yield products would mean earning returns on held Bitcoin. Lending services would allow clients to borrow against their Bitcoin holdings. Both would represent a major expansion of what a traditional brokerage platform can offer.

Oldenburg also pointed to broader market trends that are shaping the direction internally. She noted that activity in onchain credit markets has picked up faster than expected. 

“I think we’ve seen, even this year, a little bit surprised at how much momentum there is around DeFi lending,” she said. Morgan Stanley is watching those markets closely as it finalizes what comes next for E*TRADE users.

Millions of Crypto Holders Could Move Assets Onto the Platform

A major driver behind the E*TRADE Bitcoin launch is the volume of crypto wealth sitting outside traditional financial platforms. 

During the Strategy World 2026 discussion, Strategy CEO Phong Le pressed on the commercial opportunity, observing that “people have crypto assets off platform.” Oldenburg agreed, describing the number of current Morgan Stanley clients in that position as a “considerable number.”

As noted in updates shared around the conference: “Bitcoin trading will launch on E*Trade in 2026, retail will get direct access to Bitcoin, full crypto custody is being built, and access across wealth accounts has already begun.” 

That progression shows how E*TRADE fits into a much wider rollout across Morgan Stanley’s wealth management business.

High-net-worth clients have already received early access ahead of the broader launch. Wealth management accounts are also being brought into the expansion. For the millions of E*TRADE users who have held off on Bitcoin, the platform may soon remove the last barrier to entry.

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