On June 6, Morgan Stanley filed Form S-1 with the SEC for two spot crypto exchange-traded funds: the Morgan Stanley Bitcoin Trust and the Morgan Stanley Solana Trust. The filings describe both products as passive vehicles designed to track the prices of Bitcoin and Solana, respectively. Notably, the Solana Trust includes a staking feature that would allow holders to earn rewards by supporting the network. This move marks a formal entry into the crypto ETF market for a major Wall Street firm, following peers like BlackRock that kicked off the current wave about two years earlier.
The development comes as other banks, including Goldman Sachs, JPMorgan Chase, and Citi, expand their digital asset businesses, with Vanguard loosening its stance to allow client digital asset trading and Bank of America adjusting policies to better enable advisers to recommend Bitcoin ETFs. Bloomberg Intelligence notes Morgan Stanley currently sits outside the top 10 US ETF issuers, signaling room to grow as the sector attracts greater institutional capital. Early market reactions highlighted strong interest, with reports of roughly $1.1 billion flowing into Bitcoin spot ETFs in the first two sessions of trading.
Analysts say the move reflects a broader industry shift as large institutions recognize digital assets as a significant growth opportunity. Morgan Stanley’s asset management unit serves roughly 19 million clients, underscoring the potential scale if the ETFs gain approval. Custody details remain to be disclosed and will appear in subsequent amendments to the S-1.
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