51 Insights

51 Insights

CEO Notes

Morgan Stanley is building a full-stack crypto bank

Marc Baumann's avatar
Sangam Bharti's avatar
Marc Baumann and Sangam Bharti
Mar 28, 2026
∙ Paid

Morgan Stanley is transitioning from a distributor of third-party crypto products to a direct issuer and platform provider. And, it is going to become the first U.S. bank to issue an ETF directly. In March 2026, the firm filed an amended S-1 for its own spot Bitcoin ETF. That filing landed one month after the bank applied to the OCC for a federally char…

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