Morgan Stanley eyes tokenization and crypto tax strategies beyond Bitcoin, as exec Amy Oldenburg signals expansion into tokenized funds and digital asset services

Parametric already runs $400B+ in tax-managed SMAs — plugging crypto into that engine (TLH across MSBT, E*Trade spot positions, and tokenized equities on their ATS by H2) creates switching costs no crypto-native platform can replicate. This is the full vertical stack play: product manufacturing, distribution through 15k+ advisors, and tax alpha as the lock-in mechanism. BlackRock leads tokenized treasuries with BUIDL at $2.3B, but MS is betting the wealth management wrapper around crypto matters more than the crypto product itself.

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• Digital Assets: Crypto, NFTs & the Future of Finance | Morgan Stanley (morganstanley.com)

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