Morgan Stanley Files for Bitcoin and Solana ETFs, Expanding Crypto Ambitions

Morgan Stanley has filed with the U.S. Securities and Exchange Commission to launch a spot bitcoin (BTC $91,796) ETF and a Solana trust, signaling a deeper push into digital assets.

The proposed Morgan Stanley Bitcoin Trust, disclosed in a Form S-1 on Jan. 6, is a passive ETF designed to track bitcoin’s price, net of fees and expenses. Shares will list on a national exchange under a ticker to be announced. The fund will hold bitcoin directly, without leverage or derivatives, and calculate net asset value daily using a benchmark derived from major spot exchanges. Authorized participants will create or redeem shares in large blocks, while retail investors can trade on the secondary market through brokerage accounts.

Morgan Stanley’s filing comes amid rapid growth in U.S. spot bitcoin ETFs, which now hold $123 billion in total net assets — around 6.57% of bitcoin’s market capitalization — according to SoSoValue. Net inflows to these products have exceeded $1.1 billion since the start of 2026. The Morgan Stanley Solana Trust is designed to track SOL and joins a category with over $1 billion in net assets and nearly $800 million in cumulative inflows.

Strategic Move Into In-House Crypto Products

The filings highlight Morgan Stanley’s shift from distributing third-party crypto products to creating proprietary vehicles, reflecting a stronger commitment to digital assets. The move is likely motivated by the lucrative economics of ETFs, as competitors like BlackRock have generated substantial fee revenue from spot bitcoin products. With its large wealth management network, Morgan Stanley can now integrate these ETFs directly into client portfolios, retaining fees in-house rather than paying third-party managers.