E*TRADE Adds Spot Bitcoin, Ether and Solana via Zero Hash
Eligible E*TRADE clients can buy, sell and hold spot Bitcoin, Ether and Solana on Morgan Stanley’s platform through a partnership with Zero Hash.
Morgan Stanley’s E*TRADE announced Thursday that eligible retail clients can trade spot Bitcoin, Ether and Solana on the platform through a partnership with crypto infrastructure provider Zero Hash.
The service follows a May pilot with a limited group of users and is now open to eligible E*TRADE customers. Clients can view crypto holdings alongside stocks and other investments on the E*TRADE platform. Functionality to transfer digital assets on and off the platform is planned for later this year.
Trades executed on the E*TRADE crypto channel carry a 50-basis-point fee. Custody and transaction services for the digital assets are handled in separate Zero Hash accounts that are not covered by FDIC or SIPC protections. The firm expects to transition these services to Morgan Stanley Digital Trust, its national trust bank currently in organization.
The self-directed E*TRADE channel served 8.6 million households and held about $1.56 trillion in client assets as of March 31, according to Morgan Stanley’s financial supplement. The company began testing spot crypto trading in May before expanding access to a broader set of eligible clients.
Alongside the crypto rollout, E*TRADE introduced fractional share trading, an updated retirement planning tool and new features for the Power E*TRADE Pro desktop platform.
The retail spot trading launch is part of Morgan Stanley’s wider digital asset activity this year. In April the firm launched a stablecoin reserve service that lets token issuers hold the assets backing their stablecoins in one of the bank’s money market funds while earning interest. In the same month Morgan Stanley launched a spot Bitcoin exchange-traded fund with a 0.14 percent management fee. The firm reported more than $100 million in net inflows for that ETF during its first six trading days and about $385 million in cumulative net inflows at the time of its latest filing. In June Morgan Stanley amended proposed spot Ether and Solana ETF filings to set management fees at 0.14 percent.
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