Morgan Stanley Submits Applications to SEC for Spot Bitcoin and Solana Focused ETFs

Morgan Stanley has filed S-1 registration statements with the U.S. Securities and Exchange Commission for a spot Bitcoin and Solana ETF, marking a significant expansion of its digital asset offerings according to reports. The filings were submitted on January 6, 2026, and include both the Morgan Stanley Bitcoin Trust and the Morgan Stanley Solana Trust as detailed. The move aligns with broader institutional interest in regulated crypto products as the U.S. spot ETF market continues to grow according to analysis.

The Bitcoin Trust is designed to hold Bitcoin directly and track its price net of fees and expenses. It will not use leverage or derivatives. Instead, its net asset value will be calculated using a benchmark from major spot exchanges. The structure aims to provide a straightforward and transparent investment vehicle for investors seeking exposure to Bitcoin as reported.

The Solana Trust, by contrast, includes a staking component. A portion of the fund's Solana holdings will be staked to generate rewards, which will be reflected in the fund's net asset value. This approach distinguishes the fund from earlier digital asset products that typically distribute staking income directly to shareholders according to analysis.

Why Did This Happen?

Morgan Stanley's filings reflect a broader trend of institutional adoption of crypto products. Spot Bitcoin ETFs have attracted significant inflows since their approval in January 2024, and cumulative U.S. trading volume has now exceeded $2 trillion. The firm has also opened crypto access to all client accounts, including retirement plans, following a previous restriction to high-net-worth clients with aggressive risk profiles according to reports.

The regulatory environment has also shifted in favor of crypto products. The SEC introduced new generic listing standards in September 2025, streamlining the approval process for crypto ETFs. These changes have reduced the time required for approval and encouraged traditional financial firms to enter the market as noted.

How Did Markets React?

Bitcoin's price has approached $95,000 in early 2026, with flat perpetuals positioning and a positive shift in the options market. The broader crypto market has remained resilient despite a record $19 billion correction in October 2025 according to reports. The Ethereum market, for example, has seen a 18% decline from its peak of $15 billion in assets under management, but it has not deterred institutional interest as stated.

The move by Morgan Stanley comes amid heightened activity from other major financial institutions. T. Rowe Price, for instance, filed for its first crypto ETF in 2025 according to reports. BlackRock and Fidelity have already established significant positions in the spot Bitcoin ETF space as reported. Morgan Stanley's in-house filings suggest it is leveraging its distribution network to capture a growing segment of client demand according to analysis.

What Are Analysts Watching Next?

Analysts have highlighted the strategic significance of Morgan Stanley's move. Eric Balchunas of Bloomberg described the filings as a "smart" step, noting the potential for the firm to use its own ETFs to channel client capital into in-house products according to Bloomberg. James Seyffart of Bloomberg Intelligence also expressed surprise at the speed and scale of the firm's entry into the crypto ETF market as reported.

The market is now watching for SEC approval. If successful, the Bitcoin and Solana Trusts will be listed on a national securities exchange under yet-to-be-disclosed ticker symbols as reported. The Ethereum Trust, which was filed separately, adds another layer of complexity to Morgan Stanley's strategy according to analysis.

Institutional investors are also evaluating how these products will impact the broader crypto ETF landscape. Assets under management in spot Bitcoin ETFs have now reached $123.5 billion, representing approximately 6.6% of Bitcoin's total market capitalization according to reports. Ethereum ETFs, meanwhile, hold around $20 billion in assets as reported.

The market will continue to monitor regulatory developments, including the expected introduction of a bipartisan crypto market structure bill in 2026 according to analysis. Such legislation could further normalize digital asset investing and encourage more traditional financial institutions to follow Morgan Stanley's lead as noted.

Morgan Stanley's filings underscore the increasing convergence between traditional finance and digital assets. As regulatory clarity improves and institutional confidence grows, more firms may follow suit in launching their own branded crypto ETFs according to analysis.