Morgan Stanley Files for Bitcoin and Solana ETFs in Major Crypto Expansion

Morgan Stanley has filed registration statements with the U.S. Securities and Exchange Commission for spot Bitcoin and Solana exchange-traded funds. The filings, submitted on January 6, 2026, mark a significant step for the bank as it seeks to enter the rapidly expanding crypto ETF market.

The proposed Morgan Stanley Bitcoin Trust and Morgan Stanley Solana Trust are structured as passive investment vehicles that seek to track the price of the respective cryptocurrencies. The Bitcoin Trust will directly hold Bitcoin, while the Solana Trust includes a staking feature to earn rewards.

The filings position Morgan Stanley alongside major crypto ETF issuers such as BlackRock and Fidelity. This move reflects the growing appetite for digital assets within mainstream investment products, particularly after the approval of U.S. spot Bitcoin ETFs in January 2024.

Why Did This Happen?

Cumulative trading volume across U.S. spot crypto ETFs has now exceeded $2 trillion. The market took more than a year to cross the first $1 trillion threshold, then just about eight months to add the next trillion.

The approval of new generic listing standards by the SEC in September 2025 has accelerated the launch of crypto ETFs. These standards allow eligible funds to launch without lengthy individual 19b-4 rule-change filings.

Morgan Stanley's entry into the crypto ETF space builds on its broader expansion into crypto investing. Last year, the firm set a 4% allocation cap for what it described as 'opportunistic' portfolios holding digital assets.

How Did Markets React?

The filing comes as Bitcoin ETFs have grown to account for $119 billion worth of assets under management. BlackRock's iShares Bitcoin Trust alone has $72.8 billion in holdings.

Solana ETFs are a newer segment, having launched in October 2025. These include the VanEck Solana ETF, Fidelity Solana Fund, and Grayscale Solana Trust ETF according to reports.

Bitcoin's price has seen renewed interest, with the asset trading at $94,187 and Solana at $143 as of the filing date. Analysts suggest that institutional investors are pricing in the potential impact of Trump's 'America First' policy on the crypto market.

What Are Analysts Watching Next?

Morgan Stanley's Bitcoin and Solana ETF filings indicate the bank's readiness to meet ongoing client demand for regulated crypto exposure. The firm has already taken steps to integrate crypto into its wealth management services.

The move also signals a broader trend of traditional financial institutions expanding their presence in the crypto market. Firms like Goldman Sachs, JPMorgan Chase, and Citigroup have also been developing institutional crypto initiatives.

Analysts note that the ETF push builds on Morgan Stanley's previous efforts to open crypto access across all client accounts, including retirement plans. The firm's expansion into crypto investing aligns with industry peers' strategies to capture growing institutional and retail interest.

The success of Morgan Stanley's proposed ETFs will depend on regulatory approval and market reception. If approved, the funds could bring new inflows to Bitcoin and Solana from Morgan Stanley's 19 million clients.

The filings also highlight the bank's strategic move to retain management fees that might otherwise go to rival issuers. By offering a proprietary bitcoin ETF, Morgan Stanley can integrate the product directly into client portfolios.

The regulatory environment for crypto ETFs is becoming more favorable. The Office of the Comptroller of the Currency has clarified that banks may act as intermediaries for crypto transactions, narrowing the divide between traditional finance and digital markets.