Morgan Stanley Advances Crypto Push With New Bitcoin Trust Filings

Morgan Stanley has taken another step toward expanding its presence in regulated crypto markets, filing preliminary documentation for two spot Bitcoin trust products with U.S. regulators.

According to filings submitted to the U.S. Securities and Exchange Commission, Morgan Stanley Investment Management is listed as the sponsor of both proposed trusts, with CSC Delaware Trust Company serving as the Delaware-based trustee. While several operational details remain undisclosed at this stage, the filings outline a custody model in which the firm will hold the majority of private keys in cold storage, with a smaller portion maintained in hot wallets to support operational needs.

The proposed trusts are designed solely to track the price of Bitcoin, without employing active trading strategies. Morgan Stanley emphasized that the funds will not attempt to generate additional returns through speculative activity, meaning the underlying Bitcoin holdings will not be actively sold or traded beyond what is required to maintain price tracking.

This move builds on a broader shift in Morgan Stanley’s approach to digital assets. In October, the firm reportedly relaxed internal restrictions, allowing its financial advisers to recommend crypto-related funds to a wider range of clients, including those holding individual retirement accounts and 401(k) plans. Previously, access had largely been limited to high-net-worth individuals with substantial asset thresholds.

Wall Street Broadens Access to Crypto Exposure

Morgan Stanley’s filings arrive amid accelerating adoption of regulated crypto investment products across major U.S. financial institutions. Just days earlier, Bank of America began allowing advisers across its wealth management divisions to recommend exposure to several spot Bitcoin exchange-traded funds. The policy change applies to more than 15,000 advisers operating under Merrill, Bank of America Private Bank, and Merrill Edge, expanding access for the bank’s wealthiest clients.

Other industry heavyweights have made similar moves. Vanguard, the world’s second-largest asset manager, enabled crypto ETF trading for its clients in December 2025. Earlier, BlackRock showed early institutional support for Bitcoin exposure by recommending an allocation of up to 2% for certain client portfolios, marking a notable shift in traditional asset management thinking.

Together, these developments point to a steady normalization of crypto assets within mainstream finance. Rather than treating Bitcoin exposure as a niche or speculative offering, major institutions are increasingly integrating regulated crypto products into standard wealth management frameworks, signaling that digital assets are becoming a permanent fixture in institutional portfolios rather than a temporary trend.

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