Key Takeaways
Morgan Stanley’s ethereum and solana filings prolong the financial institution’s proprietary crypto ETF technique past its current Bitcoin fund.The proposed pricing suggests crypto ETFs are shifting from product novelty towards competitors for investor belongings.Each trusts would come with staking and institutional custody however stay preliminary choices with out confirmed launch dates.
Why the Crypto ETF Market Could Be Coming into a Commodity Section
Morgan Stanley’s proposed ethereum and solana exchange-traded funds (ETFs) would enter a market the place issuers more and more provide comparable publicity to the identical belongings. The agency lately amended each filings with the U.S. Securities and Alternate Fee (SEC) to incorporate a 0.14% administration charge, beneath Grayscale’s 0.15% and Franklin Templeton’s 0.19%. The slender unfold indicators intensifying worth competitors.
Brian Rudick, chief technique officer at Solana treasury firm Upexi and previously head of analysis at crypto buying and selling agency and liquidity supplier GSR, argued that the charge issues lower than what it suggests in regards to the market’s growth. On July 9, he shared on X:
“Issuers don’t compete on worth till the product is near a commodity and the battle is for share, the identical compression the spot BTC ETFs went via.”
“ SOL ETF AUM already crossed $1B, led by Bitwise’s BSOL, so there may be actual share to battle over,” he added.
The argument locations the 0.14% charge inside a shift from product creation to asset gathering. As soon as a number of issuers provide comparable publicity, administration prices change into one of many clearest factors of distinction. His comparability with spot bitcoin ETFs suggests ethereum and solana merchandise could also be getting into the identical part of charge compression.
Bitwise launched its solana ETF, BSOL, on NYSE Arca in October 2025, marking the primary U.S.-listed automobile to offer direct publicity to identify SOL. The fund goes past easy worth monitoring by actively staking its holdings, permitting staking rewards to contribute to fund returns after relevant bills.
How Morgan Stanley Designed the Ethereum and Solana Trusts
The Morgan Stanley Ethereum Belief would commerce on NYSE Arca beneath the ticker MSSE and observe the Coindesk Ether Benchmark 4PM NY Settlement Charge. Alongside its proposed 0.14% charge, Morgan Stanley Funding Administration intends to stake 50% to 80% of the belief’s ether beneath regular situations.
BNY and Coinbase Custody would maintain the ethereum belief’s belongings. Staking suppliers and custodians would obtain an mixture 5% of staking rewards, leaving the rest with the belief. Web rewards could be distributed month-to-month, however no less than quarterly, although the submitting doesn’t assure the quantity.
The Morgan Stanley Solana Belief would commerce on NYSE Arca beneath the ticker MSOL and observe the Coindesk Solana Benchmark 4PM NY Settlement Charge. It could additionally carry a proposed 0.14% charge. The belief could stake as much as 100% of its SOL whereas holding some holdings unstaked for redemptions, bills and distributions.
BNY and Coinbase Custody would additionally function custodians for MSOL. Staking suppliers and custodians would obtain 5% of staking rewards, leaving 95% with the belief. Web rewards could be distributed month-to-month, however no less than quarterly, whereas validator block rewards and transaction charges wouldn’t accrue to shareholders.
What Morgan Stanley’s Bitcoin ETF Reveals In regards to the Technique
Morgan Stanley has already used the identical charge degree in its spot bitcoin product. The Morgan Stanley Bitcoin Belief started buying and selling beneath the ticker MSBT on April 8, 2026, with a 0.14% annual administration charge. That undercut Blackrock’s IBIT at 0.25% and Bitwise’s spot bitcoin ETF at 0.20%.
MSBT grew to become the primary proprietary spot cryptocurrency ETF launched beneath the identify of a significant U.S. business financial institution. As of July 10, 2026, it traded at $18.47 per share and held about $364.23 million in whole internet belongings. Its debut ranked within the prime 1% of ETF launches by quantity and early adoption.
The proposed ETH and SOL funds stay preliminary, and shares can’t be offered till the registration statements change into efficient. No agency launch dates have been introduced. SEC effectiveness and subsequent asset flows would present whether or not Morgan Stanley’s mixture of low charges, staking revenue and bank-backed distribution can win market share.