Morgan Stanley Files for Bitcoin, Solana, and Ether ETFs
$Morgan Stanley(MS)$
Business Expansion from Distributor to Issuer
According to the Form S-1 filings, the Morgan Stanley Bitcoin Trust and Solana Trust will track spot prices, holding assets directly without derivatives or leverage. This shift from distributing third-party products to building in-house vehicles allows the bank to capture management fees internally while leveraging its platform serving over 19 million wealth management clients.
Since early 2024, U.S. spot bitcoin ETFs have grown to $123 billion in assets, representing 6.57% of bitcoin's market cap. BlackRock's spot bitcoin ETF had allocations nearing $100 billion in November 2025.
Industry Analyst Perspectives
Bloomberg Intelligence analyst James Seyffart expressed surprise at the development. Bitwise CIO Matt Hougan noted the bitcoin and solana products will be only the third and fourth ETFs to carry the flagship "Morgan Stanley" brand.
Jeff Park of Bitwise suggested this indicates a larger addressable market. Morningstar analyst Bryan Armour indicated the move may prompt other institutions to follow.
Changes in Regulatory Environment
The filing follows shifts in the regulatory landscape. In December 2025, Acting Comptroller Jonathan Gould stated crypto firms seeking federal bank charters should receive equal treatment with traditional institutions.
Morgan Stanley has been building infrastructure for EU UCITS-compliant funds since 2023, collaborating with platforms like Coinbase.
Evolution of Morgan Stanley's Crypto Business
In October 2025, the bank lifted restrictions on crypto fund access, expanding from high-net-worth clients to all investors with recommended allocations up to 4%. By November, strategists were advising clients using cyclical investment frameworks similar to commodities trading.
Summary
Morgan Stanley's move from distributor to issuer represents its business expansion strategy in the digital asset space. Bloomberg analyst Eric Balchunas noted, "This could prompt several other firms to roll out their own branded bitcoin ETFs." This development reflects ongoing attention from major financial institutions to the cryptocurrency market.
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