Morgan Stanley Files for Bitcoin, ETH and Solana ETFs as Crypto ETFs Expand

Morgan Stanley has filed a registration statement with the U.S. Securities and Exchange Commission for an Ethereum Trust. The filing is the latest step in the bank's deepening engagement with the crypto market. The Ethereum Trust, part of a growing list of digital asset products from the firm, aims to track the price of Ether while implementing a staking program.

The move follows recent filings for spot Bitcoin and Solana ETFs by the Wall Street giant. Morgan Stanley filed a Form S-1 for the Morgan Stanley Bitcoin Trust, which would hold Bitcoin directly and trade on a U.S. exchange. The filings highlight the rapid expansion of crypto ETFs in the U.S. over the past two years.

The firm has also filed for a Solana Trust, expanding its digital asset product lineup. Morgan Stanley's filings come amid growing institutional confidence in regulated crypto products. The bank began offering crypto access to its clients in October 2025 through its wealth management arm.

Why Did This Happen?

Morgan Stanley's foray into crypto ETFs demonstrates a broader trend among traditional financial institutions. These firms are increasingly offering digital asset products through regulated and familiar investment vehicles. The firm's filings suggest a strategic pivot from merely distributing third-party crypto products to building in-house offerings.

The decision is likely driven by the economic potential of ETFs and trusts. Firms like BlackRock have generated significant fee revenue from spot Bitcoin products in a short period. Unlike asset managers such as BlackRock, Morgan Stanley operates a massive wealth management division with thousands of advisors.

The bank's shift is also aligned with its broader crypto strategy. In October 2025, Morgan Stanley expanded access to crypto funds to all clients, including those with retirement accounts. The firm also partnered with Zerohash to enable Bitcoin, Ethereum, and Solana trading through its E*Trade platform.

How Did Markets React?

Crypto ETFs have attracted significant institutional and retail interest. U.S. spot Bitcoin ETFs now have over $123 billion in total net assets, equivalent to 6.57% of Bitcoin's total market capitalization. The rapid growth in ETF assets underscores the increasing legitimacy of digital assets in the investment landscape.

Ethereum ETFs have also seen notable demand, with over $20 billion in assets under management. Despite a recent market correction, Ethereum ETFs have shown resilience. Staking components in some Ethereum ETFs further enhance investor returns by generating yield from protocol rewards.

Market participants are closely watching regulatory developments. U.S. regulators, under President Donald Trump, have taken a more accommodating approach to crypto markets. This regulatory shift has opened the door for traditional financial firms to expand their ETF offerings tied to digital assets.

What Are Analysts Watching Next?

Analysts are monitoring the potential impact of Morgan Stanley's ETFs on the broader crypto market. The firm's entry into the ETF space could add meaningful demand for Bitcoin and Ethereum. With its wealth management arm and retail distribution channels, Morgan Stanley is positioned to capture a significant portion of the growing crypto asset management market.

Regulatory clarity remains a key factor in the next wave of institutional adoption. A bipartisan crypto market structure bill is expected to pass in 2026, providing a regulatory framework for digital assets. Such legislative progress could further accelerate the integration of crypto into traditional financial systems.

The market is also watching for signs of broader institutional interest. Institutional asset managers have allocated about 7% of their assets under management to crypto, but 71% plan to increase exposure in the next 12 months. The continued growth in ETF assets and the expansion of digital asset offerings by major banks like Morgan Stanley suggest a positive trajectory for crypto adoption.

Morgan Stanley's ETF filings come at a time of growing optimism for the crypto market. Bitcoin's price has surged above $93,000, breaking free from the 200-day exponential moving average. If the trend continues, the firm's ETFs could play a significant role in attracting new investors to the market.