Morgan Stanley's ETF Boom, Grayscale's Staking Push, and BitGo's IPO: Wall Street's Crypto Race Is On

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4.7 • 698 Ratings

🗓️ 20 May 2026

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

This bonus episode of Public Keys was recorded live at Consensus. Host Jennifer Sanasie sits down with three guests at the center of crypto in the public markets. Grayscale's Krista Lynch breaks down how crypto ETFs have evolved from simple bitcoin access into index products, in-kind creation for crypto whales, and early staking. Morgan Stanley's Amy Oldenburg explains how MSBT became the firm's most successful ETF launch ever — $230 million in three and a half weeks at 14 bps — while the firm simultaneously rolls out spot crypto trading across its $7 trillion wealth platform. And BitGo CEO Mike Belshe joins four months into his IPO to discuss the firm's OCC charter and why the Clarity Act matters more as a legislative stamp of approval than anything it changes on day one. - Timecodes: 00:00 Welcome to Public Keys: A Bonus Episode from Consensus 00:55 Grayscale's Krista Lynch Joins Public Keys 01:30 Eight Single-Token ETFs and the Rise of Crypto Indexing 02:20 In-Kind ETF Creation Brings Crypto Whales to Wall Street 04:00 Why Crypto Whales Want ETF Exposure 06:00 Advisor Education and the State of Crypto Onboarding 07:00 Staking Comes to the ETF Wrapper 08:30 Morgan Stanley's Amy Oldenburg Joins Public Keys 09:00 The 50 bps Spot Crypto Trading Fee 10:00 Top-of-House Alignment at Morgan Stanley 11:00 What Was Happening Behind the Scenes in 2024 12:30 MSBT: $230M and Morgan Stanley's Most Successful ETF Launch Ever 14:00 Over-Hyped or Underrated: $1B in MSBT by Year-End 16:00 BitGo CEO Mike Belshe Joins Public Keys 17:00 Four Months Into Life as a Public Company 17:30 The Institutionalization of Crypto Infrastructure 18:30 Why the Genius and Clarity Acts Matter 20:30 Coinbase Still Charges Retail 130 bps 22:30 BitGo's OCC Charter and the Future of Reserve Banking 23:30 What the Clarity Act Actually Changes 24:30 TradFi Is Waiting for the Legislative Stamp of Approval - This episode was hosted by Jennifer Sanasie.

Transcript

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0:00.0	Hey everyone, welcome to this bonus episode of Public Keys at the New York Stock Exchange, straight out of CoinDisc's consensus.
0:06.5	The overarching theme at our flagship conference this year was that institutions are here and they're here to stay.
0:12.2	From staggering numbers when it comes to ETFs to infrastructure that's already serving tradfying institutions globally,
0:18.1	it was clear that the next era of finance is here and it's being
0:21.6	built on crypto rails. This episode features three standout guests all sitting at the intersection
0:26.5	of Wall Street and crypto. You'll hear from Crystal Lynch at Grayscale who breaks down how the
0:31.1	crypto ETF is evolving. Then Amy Oldenberg from Morgan Stanley, whose firm just had the most
0:36.0	successful ETF launch in its history.
0:38.3	And finally, BitGo CEO Mike Belchie with an OCC charter and a fresh IPO.
0:43.3	He says the infrastructure has been ready for years and its moment is finally here.
0:47.3	Three conversations, one clear theme.
0:49.3	The infrastructure is built, the demand is real, and the money is moving.
0:53.3	Let's get into it.
1:00.8	Crypto ETFs have moved far beyond the original Bitcoin access story. Investors are now watching flows, fees, staking options, multi-asset products, and whether crypto can become a normal sleeve in a diversified
1:11.3	portfolio. Joining us now is Krista Lynch, SPP of ETF Capital Markets at Grayscale. Hello.
1:16.5	Thanks so much for having me. Well, thanks for being here. So we've come so far in so little
1:22.1	time. And so just lay a foundation for us. You know, we go back to the approval of the spot ETFs in the US.
1:30.3	Now we have products that are way more sophisticated.
1:32.3	What are investors looking for? What are they still asking?
1:35.3	Yeah, it's crazy. It's only been two years, but it's already been two years.
1:39.3	Grayscale is able to deliver eight single tokens in ETF form now versus zero, two and a half years ago,
1:46.1	largely through regulation clarity that has occurred over those months.
	...

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