Morgan Stanley has appointed veteran executive Amy Oldenburg to lead the investment bank's digital asset strategy in a newly created role, signaling a significant acceleration of its crypto efforts. Oldenburg, who has been with Morgan Stanley for over two decades, most recently served as the head of emerging markets equity.
The appointment comes as large financial institutions prepare for major shifts in digital assets, including wider stablecoin adoption and potential new U.S. legislation. Morgan Stanley had previously taken a more cautious approach compared to peers like BlackRock and Fidelity, which aggressively entered the crypto space with spot Bitcoin ETFs in 2024.
Morgan Stanley is now rapidly expanding its crypto initiatives. Earlier this month, the bank filed to list spot Bitcoin and Solana ETFs. It also filed for a staked Ether ETF that would hold ETH while staking an undisclosed amount to earn staking income. If approved, these funds could channel new investments from Morgan Stanley's 19 million wealth management clients into BTC, ETH, and SOL.
Additionally, the $2 trillion investment bank plans to launch a proprietary digital wallet later this year that would support cryptocurrencies and tokenized real-world assets like stocks, bonds, and real estate.
The bank is actively hiring for several digital asset roles, including an executive director for portfolio enablement and governance, a vice president for crypto advisory compliance, a digital assets strategy director, a digital assets strategist, and a digital assets product lead.
Oldenburg has been a vocal advocate for crypto self-custody, emphasizing the "Not your keys, not your coins" principle and the need for better self-custody infrastructure, especially in emerging markets. In March of last year, she expressed skepticism about ETFs because they didn't provide staking at the time, stating she preferred "liquidity 24/7" and the ability for clients to leverage all features the digital asset space offers.
Rival firms are making similar moves, with BlackRock also recruiting for several crypto-focused positions, including managing director and director-level roles tied to digital asset strategy and research.
