Американские банки гонятся за биткоином FOMO: гиганты, такие как Морган Стэнли, соревнуются в подаче заявок на крипто-ETF

Morgan Stanley submitted applications for spot Bitcoin and Solana ETFs on January 5, 2026, representing another major milestone following Bank of America’s opening of customer allocation to cryptocurrencies. Starting January 2026, Bank of America’s more than 15,000 financial advisors are authorized to actively recommend allocating 1% to 4% of client portfolios to cryptocurrencies, particularly four spot Bitcoin ETFs.

Driven by a dual shift toward supportive regulatory environments and surging client demand, traditional financial institutions are accelerating their embrace of digital assets to avoid missing this emerging asset class.

Institution Actions

Major U.S. financial institutions are entering the cryptocurrency asset space at an unprecedented pace. Morgan Stanley’s ETF application marks direct participation by traditional finance giants in crypto product issuance, moving beyond merely providing third-party product channels. The S-1 filing submitted by this bank managing $1.6 trillion in assets seeks to launch its own spot Bitcoin and Solana ETFs, marking the first time a major bank has attempted to issue such products.

Bank of America’s policy shift is equally noteworthy. Beginning January 5, 2026, the bank permits wealth management clients to allocate 1% to 4% of portfolios to crypto assets. Chris Hyzy, Chief Investment Officer of Bank of America Private Bank, stated: “For investors interested in thematic innovation and capable of tolerating high volatility, a moderate allocation of 1%-4% of assets to digital assets is an appropriate choice.”

This shift aligns Bank of America with its competitor Morgan Stanley. Morgan Stanley had already recommended clients allocate 2%-4% to crypto assets as early as October 2025.

Strategic Layout

Traditional financial institutions’ entry into crypto is not a singular action but a multi-layered strategic deployment. These banks are meeting diverse client needs through multiple service models, from simple product access to deep market infrastructure participation.

Bank of America chose to start with wealth management, allowing clients to access cryptocurrencies through regulated ETFs. The bank’s Chief Investment Officer team covers Bitcoin ETFs including Bitwise Bitcoin ETF (BITB), Fidelity Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Mini Trust (BTC), and BlackRock iShares Bitcoin Trust (IBIT). Morgan Stanley adopted a more aggressive strategy, directly applying to issue its own spot Bitcoin and Solana ETFs. This transition from distribution to issuance demonstrates enhanced confidence by major banks in the crypto asset space.

Meanwhile, multiple banks are developing deeper crypto services. Citibank plans to launch cryptocurrency custody services before 2026. Charles Schwab has set a timeline for launching Bitcoin and Ethereum spot trading, targeting mid-2026.

Driving Factors

Multiple forces drive traditional banks’ crypto deployment. Significantly improved regulatory environments provide clear pathways for institutional participation. The U.S. Securities and Exchange Commission (SEC) approved uniform listing standards for crypto exchange-traded products (ETP) in September 2025, shortening product listing cycles to 75 days.

More importantly, the SEC removed crypto-specific review items from its 2026 review priorities, marking a shift from rigorous scrutiny toward normalized regulation. SEC Chair Paul Atkins stated: “The review priorities released today should enable companies to have constructive dialogue with the SEC’s examiners.”

Strong client demand is another major driving force. Nancy Fahmy, head of Bank of America’s Investment Solutions department, noted: “This policy update reflects sustained client demand for digital asset allocation.” Under this demand, three of America’s four largest brokerages have removed restrictions on crypto investments. Bank of America, Morgan Stanley, and Wells Fargo advisors have all opened crypto asset investment channels.

Market Opportunity and Capital Potential

Behind American financial institutions’ crypto deployment lies enormous market opportunity and capital potential. Statistics show Bank of America serves approximately 70 million clients with over $2 trillion in assets under management; Vanguard manages 50 million accounts with $11 trillion in assets. Even if these clients allocate merely 1% of portfolios to crypto, it could bring approximately $130 billion in capital inflows, more than doubling total inflows to U.S. spot crypto ETFs since inception.

Bitwise predicts that over 100 crypto-related ETFs will launch in 2026. The ETF surge will consolidate the market dominance of Bitcoin, Ethereum, and Solana, but may face severe “stress tests” for other cryptocurrencies.

James Seyffart, senior ETF analyst at Bloomberg, supports this prediction but warns: “We will witness substantial ETF liquidations.” This landscape of concurrent “explosive growth and rapid elimination” will characterize the next phase of crypto ETF development.

Market Competition and Potential Risks

As more participants enter the market, the crypto ETF space faces increasingly fierce competition and concentration risks. Currently, Coinbase holds assets for the vast majority of crypto ETFs, commanding 85% of the global Bitcoin ETF market. In Q3 2025, Coinbase’s custody assets under management reached $300 billion. This custody concentration poses systemic risks; U.S. Bancorp has relaunched its institutional Bitcoin custody program, while Citigroup and State Street are exploring crypto ETF custody partnerships.

High-fee duplicate products face elimination pressure. As markets crowd, issuers will further reduce flagship product fees, and high-fee duplicate products will lose competitiveness. Seyffart predicts crypto ETF liquidations will occur from late 2026 to early 2027. Funds with assets below $50 million typically close within two years due to difficulty covering costs.

Asset Performance and Market Outlook

Major crypto assets show differentiated performance amid accelerating institutional deployment. As of January 7, 2026, according to Gate market data, Bitcoin (BTC) trades around $87,000, down from its all-time high of over $126,000 in early October 2025. Crypto markets show divergence from traditional finance. Year-to-date, Bitcoin has declined approximately 7%, while the S&P 500 rose over 15% in the same period.

Massive ETF launches may exacerbate market differentiation. For less liquid underlying assets, borrowable funds may completely dry up during market volatility, forcing ETF suspension and causing products to trade at premiums until supply recovers. For mainstream assets like Bitcoin, Ethereum, and Solana, more ETF products will deepen “spot-derivatives linkage,” narrow spreads, and solidify their “core institutional collateral” status.

When Morgan Stanley’s Bitcoin and Solana ETF application news broke, the traditional finance world showed no past skepticism and resistance, replaced instead by an urgent sense of catching up. Vanguard opened its platform to third-party crypto ETFs and mutual funds; Charles Schwab established timelines for Bitcoin and Ethereum spot trading. Coinbase currently custodies 85% of global Bitcoin ETF assets, but U.S. Bancorp, Citigroup, and State Street are accelerating development of competitive custody services. Markets anticipate over 100 crypto-related ETFs will launch in 2026, but analysts warn a substantial portion may be eliminated within two years. This scenario is no longer merely a speculator’s domain but has become an asset class taken seriously by a $13 trillion wealth management market.