Morgan Stanley E*Trade officially enters the retail crypto trading market with a 50 basis point fee rate, while Coinbase and Block both release their Q1 2026 financial reports after the market closes today

According to BBX data, yesterday Wall Street institutions made a significant breakthrough in retail crypto layout, and today the dual verification point of the earnings season is approaching. The core dynamics are as follows:

• Morgan Stanley (NYSE: $MS) disclosed via Bloomberg on May 6 that its ETrade platform officially launched a pilot for crypto spot trading, with a fee structure of 50 basis points per transaction amount, lower than Coinbase (retail rates vary by tier and payment method, potentially exceeding 50 basis points), Robinhood (approximately 100 basis points, according to media estimates), and Charles Schwab (75 basis points); initially supporting three major assets: BTC, ETH, and SOL, with liquidity, custody, and settlement services provided by Zerohash; the pilot is currently aimed at a select group of users, with plans to open to all 8.6 million ETrade customers by the end of 2026. Head of Wealth Management Jed Finn characterized this move as "reverse disruption of disruptors," and Morgan Stanley is simultaneously advancing its application for a national trust bank license to achieve self-custody, with plans to launch Ethereum and Solana spot ETFs.

• Coinbase Global, Inc. (NASDAQ: $COIN) will release its Q1 2026 earnings report after the market closes today (May 7), with the earnings call scheduled for 2:30 PM (PT); analyst consensus expects Q1 revenue of approximately $1.5 billion (a year-on-year decrease of about -26%), and EPS of about $0.23---$0.36 (a significant decline from $1.94 in the same period last year); the relative resilience of subscription and service revenue (including stablecoins, custody, and staking) will be the core metric of most interest today.

• Block, Inc. (NYSE: $XYZ) will release its Q1 2026 earnings report after the market closes today (May 7), with an earnings call at 2:00 PM (PT); analyst consensus expects revenue of approximately $6.04 billion to $6.11 billion (a year-on-year increase of +5.79%), and EPS of $0.68 (an increase of about 21% from approximately $0.56 in the same period last year); consensus for Bitcoin ecosystem revenue is expected to be about $2.11 billion (down from $2.30 billion in the same period last year); Evercore ISI maintains an "Outperform" rating with a target price of $96 (implying about 35% upside from the current stock price of $70.92), focusing on the recovery progress of the fundamentals of the two major business lines, Square and Cash App.