Onramp Bitcoin Media Morgan Stanley vs. BlackRock, Fannie Mae Blesses Bitcoin, & the End of DATs
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Mar 31, 2026 A deep dive into Morgan Stanley’s bid to disrupt the Bitcoin ETF landscape and its broader custody and tokenization play. A look at Fannie Mae-backed, Bitcoin-collateralized mortgages and how they’re structured. Discussion of stablecoin regulatory moves, market trust shifts, fee compression pressures, and crypto firms’ IPO and legal risks. Short takes on miners pivoting to AI, Cash App’s Bitcoin payments, and Tether’s audit news.
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Solicit Clients Directly To Maximize ETF Adoption
- If a bank launches an in‑house product, expect high uptake from solicited clients; internal offerings typically convert far better than external ones.
- Historical private bank experience: internal products see ~90% uptake, externals 50–75%, though Bitcoin may be slightly lower.
Fannie Mae Enables Bitcoin Backed Mortgages
- Fannie Mae and Better launched Bitcoin‑backed conforming mortgages custodying BTC at Coinbase with ~40% LTV, letting homeowners pledge BTC without liquidation risk.
- Tradeoffs: longer duration counterparty risk (Coinbase custody), higher rates than traditional mortgages but lower than private crypto loans.
Client Sold Bitcoin To Qualify For A Mortgage
- Liam shared a client story forced to sell ETF holdings to qualify for a mortgage because banks required on‑balance cash, illustrating friction for crypto holders.
- The Coinbase‑custodied mortgage solves the sell/refund timing and capital gains friction for long BTC holders.