Morgan Stanley has formally submitted registration documents to the U.S. SEC to launch two cryptocurrency exchange-traded funds.
The filings, made public Tuesday, cover funds tied to Bitcoin and Solana, marking a significant expansion of the firm’s crypto offerings.
Regulatory Filings Outline Two Distinct Crypto Products
According to SEC disclosures, Morgan Stanley filed separate S-1 forms for a Bitcoin Trust and a Solana Trust. Notably, the Solana fund stands out for including a staking feature, which sets it apart from standard spot ETFs.
The filings position Morgan Stanley alongside established crypto ETF issuers such as BlackRock and Fidelity. The move would heighten competition in the expanding market for regulated digital asset products.
Notably, in January 2024, the U.S. SEC approved spot Bitcoin ETFs, opening the door to institutional and retail participation. Since that decision, trading activity has accelerated sharply.
In fact, cumulative trading volume across U.S. spot crypto ETFs has now surpassed $2 trillion. While it took more than a year for the market to reach its first trillion dollars in volume, the second trillion was added in roughly eight months.
Bitcoin ETF Holdings Grow Despite Price Consolidation
Rising activity has been accompanied by steady growth in assets held by spot Bitcoin ETFs. Total holdings now exceed $123.5 billion, accounting for approximately 6.6% of Bitcoin’s total market capitalization.
Notably, this growth has continued even as Bitcoin’s price has struggled to reclaim the $100,000 level in recent sessions. This divergence highlights sustained ETF demand despite a period of price consolidation in the underlying asset.
Policy Changes Accelerate Product Launch Timelines
Meanwhile, the regulatory environment has also become more accommodating. Following President Donald Trump’s return to office, the SEC has adopted a more flexible stance toward crypto investment products.
In September 2025, the agency approved new generic listing standards for cryptocurrency exchange-traded products. Under the updated framework, qualifying funds can launch without filing individual rule-change requests, a process that previously could delay approvals by up to 240 days.
ETF Filings Build on Morgan Stanley’s Crypto Expansion
Morgan Stanley’s ETF applications reflect a broader digital asset strategy already underway at the firm. For context, last year, it introduced a 4% allocation cap for portfolios designated as “opportunistic,” aligning its guidance with that of industry peers.
The wealth manager has also expanded crypto access across its client base, including within retirement accounts. Taken together, the Bitcoin and Solana ETF filings signal Morgan Stanley’s readiness to meet clients’ ongoing demand for regulated cryptocurrency exposure.
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