From Gatekeeper to Issuer: Morgan Stanley Enters the Crypto ETF Arena

Morgan Stanley filed with the SEC to launch a few crypto ETFs including Bitcoin, Ethereum and Solana which is a notable step for a bank that has largely watched the ETF boom from the distribution side. 

For the past year, Morgan Stanley’s role in crypto ETFs has been closer to “gatekeeper”, allowing clients to access products run by issuers like BlackRock and Fidelity. Now it’s attempting to become the manufacturer, putting its own brand on the wrapper and by extension, capturing more of the economics directly.

That shift matters because distribution has always been one of Morgan Stanley’s core advantages and ETFs are ultimately a game of scale. 

It was only in October 2025 that Morgan Stanley fully opened the floodgates for its clients. On October 15, the firm lifted restrictions that previously limited crypto ETF access to high net worth individuals with at least $1.5 million in assets. This is a sudden shift in tone about crypto from these large traditional banks.

That policy shift allowed financial advisors to solicit crypto investments for all wealth management clients, including those with retirement accounts.

This could be the start of other major banks to also start issuing their own crypto ETFs as demand continues to increase. After all, IBIT is now BlackRock’s top revenue source.