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Morgan Stanley applies for US national trust bank charter for digital asset business

Morgan Stanley applies for US national trust bank charter for digital asset business

Photo: Michael M. Santiago

Morgan Stanley moves to secure a competitive edge in crypto custody services with trust bank application.

Morgan Stanley (MS) price

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Market cap
$293.6B (shares as of 2026-07-31)
P/E (trailing)
15.1 (EPS to 2026-06-30)
Annual revenue
$70.6B USD (FY ended 2025-12-31) 10-K
Annual revenue growth
+14.4% (FY ended 2025-12-31 vs FY ended 2024-12-31) 10-K
Annual net income
16,861,000,000 USD (FY ended 2025-12-31, attributable to the company) 10-K
Annual operating margin
Unavailable
Forward P/E
Unavailable: no dated forecast source

Gloria daily close for session Oct 27, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.

Morgan Stanley and its peers

Company PriceMarket capP/E (trailing)Forward P/EAnnual revenue (USD)Annual revenue growthAnnual net income (USD)Operating margin
Morgan Stanley MS · Price dated Oct 27, 2026 $187$293.6B15.1Unavailable$70.6BFY ended 2025-12-31 · 10-K+14.4%FY ended 2025-12-31 vs 2024-12-31 · 10-K16,861,000,000FY ended 2025-12-31, attributable to the company · 10-KUnavailable
The Goldman Sachs Group Inc. GS · Price dated Oct 27, 2026 · tokenized GSx $912$265.5B14.1Unavailable$58.3BFY ended 2025-12-31 · 10-K+8.9%FY ended 2025-12-31 vs 2024-12-31 · 10-K17,176,000,000FY ended 2025-12-31, attributable to the company · 10-KUnavailable
BlackRock Inc. BLK · Price dated Oct 27, 2026 $1,136Unavailable27.2Unavailable$24.2BFY ended 2025-12-31 · 10-K+18.7%FY ended 2025-12-31 vs 2024-12-31 · 10-K5,553,000,000FY ended 2025-12-31, attributable to the company · 10-K29.1%FY ended 2025-12-31
The Charles Schwab Corporation SCHW · Price dated Oct 27, 2026 $89$154.4B16.3Unavailable$23.9BFY ended 2025-12-31 · 10-K+22.0%FY ended 2025-12-31 vs 2024-12-31 · 10-K8,852,000,000FY ended 2025-12-31, attributable to the company · 10-KUnavailable

Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.

Sources: SEC filings, Gloria daily closes and CoinGecko. Oldest record refresh: Oct 27, 2026, 9:36 PM EDT. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.

Morgan Stanley has applied to the Office of the Comptroller of the Currency (OCC) to establish a dedicated digital asset trust bank.

According to a filing published on February 27, the proposed entity, Morgan Stanley Digital Trust, National Association (MSDTNA), would operate as a nationally chartered trust bank focused on custody services for crypto assets.

The trust bank, which would be wholly owned by Morgan Stanley Capital Management, plans to hold digital assets on behalf of clients and conduct related activities, such as buying, selling, swapping, and transferring tokens to support investment strategies. The entity would also facilitate staking services on a fiduciary basis.

The leadership team draws from Morgan Stanley’s existing banking subsidiaries. John Ryan would serve as the new trust bank’s chairman and chief executive, with Chad Turner as president and Amanda Kan as chief operating officer.

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Morgan Stanley’s wealth management division, which the trust bank would support, has observed substantial crypto holdings among its client base that currently sit outside the firm’s platforms. The new entity could bring those assets in-house under a regulated structure.

Major US financial institutions have accelerated efforts to build compliant infrastructure for digital asset services amid a more favorable regulatory climate under President Trump. Competitors, including BNY Mellon and State Street, have also pursued crypto custody capabilities.

Morgan Stanley is exploring Bitcoin-backed lending and yield products as part of its digital asset roadmap. The bank plans to allow E*Trade customers to trade spot crypto before introducing its own custody and exchange platform.

According to Amy Oldenburg, Morgan Stanley’s head of digital assets, the bank aims to build in-house infrastructure and reduce reliance on third-party technology.

The application comes as Morgan Stanley expands its digital assets division.

LinkedIn job listings first reported by GSR’s Content Head Frank Chaparro show that the firm is hiring for leadership roles such as Digital Assets Strategist and Portfolio Enablement and Governance Lead in New York.

The recruitment effort also emphasizes regulatory and operational depth, with positions including Compliance Officer in Dallas and Operations Strategy Director in New York, roles that support the oversight framework.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.