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

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.