- Bitcoin and other cryptocurrencies have seen prices stall after reaching record highs in 2025.
- Morgan Stanley plans to launch crypto trading for E-Trade clients in early 2026.
- At launch, users will be able to trade bitcoin, Ethereum, and solana.
- Goldman Sachs has warned about a possible U.S. dollar decline as crypto adoption grows.
- Wall Street giants, led by BlackRock, have accelerated adoption of spot bitcoin ETFs since 2023.
Bitcoin prices and those of other major cryptocurrencies have stopped rising after hitting record highs in 2025. Recent drops in bitcoin’s value have caused caution among traders, as fears of a price crash remain.
Bitcoin traded sideways since May, pulling back from an August peak of $124,000. According to a memo from Jed Finn, head of wealth management at Morgan Stanley, the company will begin offering crypto trading to E-Trade clients through a partner model in the first half of 2026. Finn stated that giving clients access to crypto trading is only the beginning of the firm’s plans.
At launch, E-Trade clients will be able to trade bitcoin, ethereum, and solana, a Morgan Stanley spokesperson told Reuters. Finn wrote in the memo that tokenized versions of traditional assets could soon disrupt the wealth management industry, explaining that “tokenized substitutes for cash begin paying interest as soon as it hits the wallet. The rest of the asset classes will follow suit in seeking this efficiency.” This echoes BlackRock CEO Larry Fink, who has previously said tokenization could cause a “revolution” on Wall Street.
Finn also said, “We see immense power in the cryptocurrency space, not just with crypto as an investment for our clients, but also around [blockchain’s distributed ledger technology] and tokenization more broadly.” Morgan Stanley will offer crypto trading on E-Trade through a partnership with Zerohash, a digital asset infrastructure provider. Zerohash recently raised $104 million at a $1 billion valuation, as reported by Fortune.
Wall Street’s entry into bitcoin and crypto markets began in 2023, following a wave of spot bitcoin ETF (exchange-traded fund) applications by major financial institutions. BlackRock led these efforts, with its spot bitcoin ETF debuting in early 2024 and becoming the fastest-growing ETF to date. The fund currently holds almost 750,000 bitcoins, valued at around $88 billion for investors.
As more companies like Morgan Stanley plan to introduce crypto asset services, other firms such as Goldman Sachs have issued warnings about the risks of a U.S. dollar collapse with expanding crypto adoption.
Additional details include Morgan Stanley making bitcoin ETFs available to its wealth advisors starting in August of the previous year. The bank’s partner, Zerohash, also provides infrastructure for tokenization and stablecoin services to financial institutions.
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