Overview
- Morgan Stanley Investment Management filed S-1 registrations for a Bitcoin Trust and a Solana Trust on Jan. 6, followed by a new filing for an Ethereum Trust reported on Jan. 8.
- The Solana and Ethereum proposals state that a portion of holdings may be staked so rewards accrue to the trusts’ net asset value.
- The Bitcoin Trust is a passive spot vehicle that would hold BTC directly without leverage or derivatives and price shares using a benchmark derived from major spot exchanges.
- Preliminary prospectuses omit key operational details, including listing exchange, ticker symbols, and custodians, and all products remain subject to SEC review.
- The Solana filing details staking-specific risks such as warm-up and unbonding periods, validator or provider failures, and potential forks, and it allows the sponsor to retain a portion of staking rewards after costs.