Overview
- Morgan Stanley Investment Management submitted S-1s for spot Bitcoin and Solana trusts that would hold the tokens directly, with the Solana trust planning to stake a portion of SOL for rewards.
- The registrations do not yet name custodians, counterparties, fee levels or a listing exchange, and the proposals now await SEC review.
- A separate filing for an Ethereum trust followed the Bitcoin and Solana submissions, signaling a broader expansion of the bank’s crypto product lineup.
- The trusts would operate outside the Investment Company Act of 1940 and calculate net asset value using aggregated pricing benchmarks from major spot exchanges.
- Staking in the Solana trust carries risks disclosed in the filings, including unbonding-related liquidity limits, validator performance issues and potential network forks.