Overview
- Morgan Stanley Investment Management submitted S-1s on January 6 for the Morgan Stanley Bitcoin Trust and Morgan Stanley Solana Trust, with shares expected to list on a national exchange pending SEC approval.
- The Bitcoin trust would hold BTC directly as a passive vehicle with no derivatives or leverage, calculating NAV from a benchmark based on major spot exchanges and using authorized participants for creations and redemptions.
- The Solana trust proposes staking a portion of its SOL so rewards accrue to the fund’s NAV, while disclosing risks including unbonding periods, validator performance and potential network forks.
- Key operational details remain unspecified in the filings, including custodians, crypto counterparties and final fee levels, with formal SEC review now underway.
- The move advances Morgan Stanley’s broader digital-asset strategy following expanded client access in 2025 and planned E*Trade crypto offerings, entering a market where U.S. spot bitcoin ETFs have amassed over $100 billion in assets.