Morgan Stanley Files for Bitcoin and Solana ETFs

Morgan Stanley, a major U.S. investment bank, filed registration statements with the Securities and Exchange Commission on January 6 to launch two cryptocurrency exchange-traded funds, one tracking Bitcoin and the other Solana, marking a further step by Wall Street institutions into regulated digital asset products.

The proposed Morgan Stanley Bitcoin Trust and Morgan Stanley Solana Trust are structured as passive investment vehicles designed to hold the underlying cryptocurrencies directly and mirror their price performance, net of fees. Both funds, sponsored by Morgan Stanley Investment Management, would operate as Delaware statutory trusts. Shares could be listed on national securities exchanges if approved, allowing investors to buy and sell them through traditional brokerage accounts. The Bitcoin Trust would calculate its net asset value daily using a benchmark derived from trading activity on major spot exchanges, without employing derivatives, leverage or active trading strategies. Similarly, the Solana Trust would track Solana's market price through a designated benchmark and hold the token outright, but it includes a distinctive feature: staking a portion of its Solana...