U.S. SEC Receives Bitcoin and Solana ETF Proposals From Morgan Stanley

• Morgan Stanley has submitted S-1 registration statements to the United States Securities and Exchange Commission for the listing of Bitcoin and Solana exchange-traded funds.

• These filings indicate a major extension of traditional financial sector engagement within the crypto markets after overall regulations were clarified.

One of Wall Street’s biggest financial firms, Morgan Stanley, has filed with the United States Securities and Exchange Commission (SEC) to offer two kinds of exchange-traded funds (ETFs) tied to the value of Bitcoin and Solana, two of the most popular digital currencies. The documents were filed with the SEC on January 6.

The Morgan Stanley Bitcoin Trust will give investors spot-based exposure to Bitcoin by tracking the net price of Bitcoin, net of the costs and expenses incurred. Similarly, there has been the filing of an application for the Solana ETF. This will further expand the range of traditional investment instruments for major cryptocurrencies.

Unlike derivative-based funds, the ETFs are organized in a way that they will hold the assets directly, implying that the funds will hold a direct position in Bitcoin and Solana instead of engaging in futures or derivative assets. These shares will be tradable on secondary markets once listed.

Expansion of Crypto Access for Mainstream Investors

The move extends previous efforts by Morgan Stanley to expand access to cryptocurrency. The bank in October 2025 opened crypto investment options to all client accounts, lifting restrictions that had limited exposure to high-net-worth individuals with aggressive risk profiles. With this expanded access, advisers for the first time can recommend crypto funds to a broader client base, inclusive of retirement accounts such as IRAs and 401(k)s.

By launching an ETF, Morgan Stanley joins a raft of traditional financial institutions competing for regulated avenues into digital-asset markets. Rivals BlackRock and Fidelity have already filed or listed spot Bitcoin products, presaging fierce competition in crypto-linked ETFs. A global bank’s first foray into this space is a significant step toward further integration of digital assets with mainstream investment channels.

The institutional demand for such products has been aided by the regulatory environment within the United States, in which the SEC has approved spot Bitcoin ETFs in the past, as well as the overall adoption of digital assets within the wealth management community. These products are considered attractive since they are more liquid and easier to regulate compared to direct investments in cryptocurrencies.

Conclusion

The filings by Morgan Stanley to introduce both Bitcoin and Solana ETFs are an important development in connecting traditional financial markets with digital asset investment products. With the impending arrival of these products, should the SEC approve the applications, investors now have the opportunity to easily gain exposure to two of the most popular cryptocurrencies in a safe and compliant environment. The applications by Morgan Stanley are an important clarification of the shifting place of traditional financial firms in the world of cryptocurrencies, as investors increasingly seek safe ways to gain exposure to the market.

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