Morgan Stanley is reviewing tokenised money market funds (MMFs) as its next digital asset strategy following the launch of a spot bitcoin ETF, blockchain outlet CoinPost reported on April 12 local time. Amy Oldenburg (에이미 올덴버그), Morgan Stanley’s head of digital asset strategy, presented tokenised MMFs as the next major step in the firm’s product roadmap.

Morgan Stanley launched the spot bitcoin ETF Morgan Stanley Bitcoin Trust (MSBT) on April 8. Oldenburg said it is a long-term strategy that does not stop at bitcoin. The firm is also reviewing the tokenisation of various asset classes beyond MMFs.

Morgan Stanley previously said in March it plans to start tokenised stock trading, targeting the second half of 2026, on its alternative trading system that handles its shares and ETFs. In January this year, it also proceeded with the application process for Solana and spot staking Ethereum ETFs.

It also mentioned the potential for services that reduce the tax burden for cryptocurrency investors. Its subsidiary Parametric provides customers with various investment strategies, including tax-loss harvesting.

MSBT recorded $30.6 million, about 4.9 billion won, in inflows on April 8, its first day of listing. The fee is 0.14 percent, among the lowest levels among U.S. spot bitcoin ETFs. Its existing customer base and 16,000 investment advisers are also cited as competitive strengths.

Still, the gap with current market leader BlackRock is large. Assets under management in BlackRock’s spot bitcoin ETF IBIT exceed $65 billion. BlackRock is also ahead in the tokenised MMF market. Assets under management in BUIDL, launched in 2024, stand at $2.4 billion.