Morgan Stanley Investment Management has filed preliminary prospectuses with the Securities and Exchange Commission to launch spot Bitcoin and Solana exchange-traded funds, marking a significant expansion of its digital asset strategy.
The filings represent the first attempt by the asset management arm of a major U.S. bank to issue spot cryptocurrency ETFs, signaling a deeper institutional push into the sector.
Direct Crypto Exposure
The proposed products, Morgan Stanley Bitcoin Trust and Morgan Stanley Solana Trust, are designed to hold their respective cryptocurrencies directly, rather than relying on derivatives, leverage, or synthetic exposure.
This structure aligns the funds with the growing class of spot crypto ETFs that aim to closely track the underlying asset’s market price.
Solana ETF Includes Staking
A distinguishing feature of the Solana Trust is the planned staking component. Under the proposal, a portion of the fund’s SOL holdings would be staked to earn network rewards, which would contribute to the fund’s net asset value.
If approved, this would place the Solana Trust among the first U.S.-listed spot crypto ETFs to incorporate staking as part of its return profile.
Regulatory Backdrop
The move comes amid increasing regulatory clarity in the United States, following the SEC’s approval of generic listing standards for spot crypto ETFs in mid-2025. Those standards have paved the way for broader participation by large asset managers.
The registration statements have been filed but are not yet effective, meaning the ETFs cannot be offered or sold until final regulatory approval is granted.
Institutional Momentum Builds
Morgan Stanley’s filings place it alongside established ETF issuers such as BlackRock and Fidelity, which have already launched spot Bitcoin ETFs.
The spot Bitcoin ETF market has attracted substantial capital, with more than $120 billion in assets under management, highlighting strong institutional and investor demand.
Broader Crypto Access Strategy
The ETF applications build on Morgan Stanley’s earlier move in October 2025 to expand cryptocurrency access across all wealth management clients and account types. That shift marked a transition from a cautious, facilitation-based approach toward a more active issuer role in digital assets.
Together, the filings underscore Morgan Stanley’s intent to play a central role in the next phase of institutional crypto adoption, pending regulatory approval.
