Morgan Stanley has named longtime executive Amy Oldenburg to direct its recently established digital asset division, laying the groundwork for what is likely a major shift in the company’s strategy regarding cryptocurrencies. This announcement follows closely on the heels of a series of filings by the firm for three different crypto exchange-traded funds (ETFs) and its announcement that it would create a proprietary digital wallet; the company has essentially ended its previous strategy of observing cryptocurrencies with caution.
Oldenburg, who has been a fixture at Morgan Stanley since 2001, transitions to the role of Head of Digital Asset Strategy after leading the bank’s Emerging Markets Equity team since November 2021. Her move from traditional equity markets to the frontier of digital finance suggests that Morgan Stanley is no longer treating crypto as a fringe experiment but as a core component of its institutional machinery.
From Emerging Markets to Digital Frontiers
Oldenburg boasts an extensive financial background and an accomplished career in traditional finance; however, she has been an active member of the team responsible for executing the entire Digital Strategy of the Division, albeit quietly. Her most notable accomplishments have been during her role as Head of Equity in Emerging Markets, where she was instrumental in incorporating blockchain technology into global settlement processes as well as advocating for modernization/ development of actual financial infrastructure in developing countries.
By hiring Oldenburg, the bank has demonstrated its commitment to connecting its historically institutional culture with new, rapidly evolving technologies catered specifically toward the cryptocurrency markets. According to internal memos released through Bloomberg, Oldenburg will focus on creating cohesive, strategic direction for the bank’s multiple fragmented initiatives involving crypto; this includes activities in trading, trading desks, and wealth management.
The ETF Offensive: Bitcoin, Solana, and Staked Ether
Morgan Stanley’s leadership change coincides with an ambitious new product roadmap, and in January 2025, Morgan Stanley surprised analysts by applying for two new ETF products: one based on BTC (Bitcoin) and one based on SOL (Solana). The bank has been inactive for two full years while major players in the institutional adoption of cryptocurrencies, e.g., BlackRock and Fidelity, have had first-movers advantage.
Even more notable was the subsequent filing for a Staked Ether (ETH) ETF later that week. Unlike standard spot ETFs which simply hold the asset, this fund seeks to stake a portion of its Ethereum holdings to earn network rewards, passing that yield on to investors. This product structure addresses a key criticism from institutional clients who were reluctant to hold non-yielding assets in a high-interest-rate environment. If approved, these funds could open the floodgates for Morgan Stanley’s 19 million wealth management clients to allocate capital directly into the crypto ecosystem.
“Not Your Keys, Not Your Coins”
Oldenburg is known for having a philosophy that is surprisingly aligned with crypto purists. Throughout her various public appearances, she has often used the phrase “not your keys, not your coins” to promote self-custody solutions as a more secure alternative to centralized exchanges.
Based on this idea, the bank has developed a new “complete” solution for cryptocurrency custody. Unlike standard brokerage accounts, this wallet is designed to support not just cryptocurrencies but also tokenized real-world assets (RWAs)—including stocks, bonds, and real estate. The goal is to give clients 24/7 liquidity and the ability to move assets across decentralized finance (DeFi) protocols without leaving the Morgan Stanley ecosystem.
“I want my liquidity 24/7, and also we have clients that want to move assets that they have and potentially bank them with us,” Oldenburg said at the Digital Assets Summit 2025. She had previously expressed doubts regarding early crypto ETF products because those products didn’t have a staking feature, which her new team is making a concerted effort to develop.
Hiring Spree Signals Expansion
Oldenburg has a lot of support from the bank. There are job listings on LinkedIn that indicate the bank is seeking to hire people for the digital assets unit and is looking to fill three roles: Digital Asset Strategy Director, Digital Asset Strategist, and Digital Asset Product Lead.
Morgan Stanley’s expansion would appear to be an indication that they are developing an internal infrastructure that will be able to accommodate all aspects of blockchain technologies. The bank’s investments are an obvious indicator that it believes blockchain technology will become a regular part of the global monetary system.
A New Regulatory Era
This move to pivot was intentional, as the regulatory environment in Washington has changed dramatically under SEC Chair Paul Atkins since he took over. Under his leadership, Atkins has moved away from “regulation by enforcement” that was the mainstay of his predecessor and has signaled a willingness to develop more complex products associated with cryptocurrency (including staking).
From Morgan Stanley’s point of view, it appears that the new regulatory clarity is the green light the company needed to commit its considerable institutional resources to the crypto market. With Oldenburg now leading the way, Morgan Stanley has positioned itself not only to participate, but to help re-shape the crypto market.
