In a move that came as a “shock” to analysts, Morgan Stanley, one of the world's largest wealth and asset management firms with approximately $6.4 trillion in assets under management, has filed registration statements with the U.S. Securities and Exchange Commission (SEC) to launch exchange-traded funds tied to the prices of Bitcoin and Solana.
The move marks the first time a major U.S. bank has sought approval to launch spot cryptocurrency ETFs under its own brand. Morgan Stanley’s Solana Trust filing also comes as the broader Solana ETF market is off to a strong start in 2026.
Details of the S-1 Registration
According to the S-1 registration statement submitted to the SEC, the Morgan Stanley Solana Trust intends to provide investors with direct price exposure to Solana without requiring them to hold or manage the underlying token. The trust structure mirrors other spot crypto products already trading in U.S. markets, offering daily pricing transparency and exchange-traded liquidity.
The Solana Trust filing includes a staking component, similar to other Solana spot ETFs, which would allow the trust to participate in network validation activities and earn staking rewards. The trust would reflect those rewards in its net asset value, subject to fees and operating expenses.
Morgan Stanley also submitted a separate S-1 filing for a Bitcoin Trust designed to track the spot price of Bitcoin.
Market Context
After a weak fourth quarter last year, crypto markets have rebounded with renewed momentum as Solana has traded back above $135, and institutional capital has continued to flow steadily into Solana-based exchange-traded products.
Solana ETFs have now surpassed $1 billion in assets under management for the first time. SolanaFloor’s ETF Tracker shows that total AUM across Solana ETFs stands at just over $1.09 billion, representing approximately 1.4% of Solana’s total market capitalization. The milestone follows more than 20 consecutive days without net outflows.
Consistent inflows suggest that institutional appetite for Solana exposure remains intact. Traditional finance investors have continued to allocate capital through regulated ETF structures rather than direct token ownership. Market participants view the sustained inflow streak as a signal that institutions expect further growth rather than a short-lived rebound.
In a Tuesday post, Bitwise CIO Matt Hougan challenged the narrative of cautious institutional entry into crypto, stating that the more accurate view would be that institutional investors are “charging at crypto full-speed and see it as a key business priority.”
In another post, he noted how remarkable it was that Morgan Stanley were willing to launch these ETFs as only the third and fourth products to carry the firm’s direct brand as opposed to the numerous other ETFs they manage under other labels.
This branding choice underscores rising confidence in crypto assets among traditional finance giants.
Regulatory Backdrop
Morgan Stanley’s filings come amid increased regulatory clarity for digital assets in the United States. Under President Donald Trump’s administration, federal agencies have taken steps that narrow the divide between traditional banking and crypto markets. In December, the Office of the Comptroller of the Currency authorized banks to act as intermediaries for certain crypto transactions, removing a key barrier to participation.
In September 2025, the SEC also approved new generic listing standards for cryptocurrency exchange-traded products. These rules allow eligible funds to launch without undergoing individual rule-change reviews that previously delayed approvals by several months. This shift has accelerated product development across the industry and encouraged legacy financial firms to enter the market.
Broader Digital Asset Strategy
The filings reflect a strategic shift for Morgan Stanley. Up until a couple of months ago, Morgan Stanley’s advisors were barred from buying crypto ETFs for their clients.
According to Nate Geraci, co-founder of The ETF Institute, Morgan Stanley removed restrictions in October that limited financial advisors from recommending crypto ETFs to clients. Developing its own Bitcoin and Solana trusts shortly after that change suggests Morgan Stanley observed meaningful client demand for crypto ETFs and now aims to leverage its extensive wealth management distribution network more directly.
Morgan Stanley’s expansive wealth management division gives it a distinct advantage. The firm employs thousands of financial advisors and opened crypto access to clients in October last year. By integrating proprietary ETFs into client portfolios, Morgan Stanley can streamline distribution and maintain greater control over product offerings.
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