Morgan Stanley Files for Spot Bitcoin and Solana Exchange-Traded Funds

Morgan Stanley Investment Management took a direct step into spot crypto products on Jan. 6, 2026, filing Form S-1 registration statements with the U.S. Securities and Exchange Commission to create two exchange-traded trusts: the Morgan Stanley Bitcoin Trust, intended to hold bitcoin directly, and the Morgan Stanley Solana Trust, intended to hold Solana tokens directly. The filings seek authorization to list the vehicles on a U.S. exchange and mark a strategic decision by the firm to issue its own spot crypto products rather than distribute third-party offerings.

The documents describe the funds as spot exchange-traded products that would take custody of the underlying digital assets. The filings available to date do not disclose proposed tickers, fee schedules, custodial arrangements, index construction, or the exchange where the products would list. They also do not set out an SEC review timeline. Those details will be resolved in subsequent prospectus filings and regulator correspondence if the SEC advances the registrations.

Morgan Stanley’s initiative comes amid a rapid expansion of on-exchange, spot Bitcoin products in the United States since 2024. Data compiled by SoSoValue show U.S. spot Bitcoin ETF products now hold roughly $123 billion in total net assets, representing about 6.57 percent of Bitcoin’s market capitalization, and have registered net inflows exceeding $1.1 billion since the start of the year. The filings position Morgan Stanley to offer direct BTC and SOL exposure to its advisors and institutional clients rather than relying on indirect vehicles or outside managers, a shift that could reroute client flows and custody mandates toward the bank’s asset management platform.

The move also reflects a broader institutional validation of regulated, exchange-listed crypto instruments as major financial firms seek to embed digital assets within traditional wealth and institutional products. Morgan Stanley Investment Management’s scale was cited by third-party sources at approximately $1.8 trillion in assets under management, while other public social posts referenced $1.3 trillion; those figures are reported by outside observers and are not verified within the SEC filings. At the time of coverage, one market snapshot cited bitcoin trading near $91,875.93.

Regulatory and political developments have shaped the timing. The filings arrive in an environment characterized by a more crypto-friendly executive branch and recent legislative moves, including the passage of the GENIUS Act last year, that market participants say have reduced some of the legal uncertainty banks faced when adding crypto exposure. Nonetheless, final SEC approval is not assured, and the agency will scrutinize custody, surveillance and investor-protection measures as it has with other spot crypto product applications.

If approved and launched, Morgan Stanley’s trusts could deepen institutional liquidity in bitcoin and Solana, alter custodial relationships and raise competitive pressure on peers that currently provide indirect crypto access. For markets, the likely outcome is incremental flows into on-exchange products and further blurring of the line between traditional asset management and digital-asset markets as the sector continues to mature.