Morgan Stanley has recently filed with the U.S. Securities and Exchange Commission to gain approval for exchange-traded funds (ETFs) linked to cryptocurrency prices, marking the first such initiative by a major U.S. bank.
According to the filings, the bank plans to offer ETFs tracking Bitcoin and Solana, signaling its intent to strengthen its foothold in the cryptocurrency market.
Morgan Stanley’s move comes amid rapid spot bitcoin ETF growth
The BTC offering, named the Morgan Stanley Bitcoin Trust, is an exchange-traded fund structured to mirror the price of bitcoin, after accounting for fees and expenses, according to a Form S-1 filed on January 6. If approved, the fund’s shares would be listed on a national securities exchange under a ticker symbol that has not yet been announced.
The Bitcoin Trust, sponsored by Morgan Stanley Investment Management, will hold bitcoin directly instead of relying on derivatives or leverage. Its net asset value will be calculated daily using a designated bitcoin pricing benchmark based on activity from major spot exchanges. The fund will operate passively and will not trade bitcoin in response to market fluctuations.
Morgan Stanley’s filings come amid the rapid growth of spot bitcoin ETFs in the U.S. over the past two years. According to SoSoValue data, these products now hold $123 billion in total net assets, representing about 6.57% of bitcoin’s overall market capitalization, with net inflows exceeding $1.1 billion since the start of the year.
The bank has also submitted a Form S-1 for the Morgan Stanley Solana Trust, designed to track Solana’s price. These Solana-linked funds have grown to over $1 billion in total net assets, following cumulative inflows of nearly $800 million.
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Morgan Stanley deepens commitment to digital assets
Clearer regulatory guidance under U.S. President Donald Trump has prompted mainstream financial institutions to engage with digital assets, which were previously viewed primarily as speculative.
In December, the Office of the Comptroller of the Currency further allowed banks to act as intermediaries in crypto transactions, bridging the gap between traditional finance and digital assets. Many investors favor accessing cryptocurrencies through ETFs, which offer greater liquidity, enhanced security, and simplified compliance compared with directly holding the underlying assets.
The filings indicate that Morgan Stanley is moving beyond merely distributing third-party crypto products to developing its own in-house offerings, reflecting a stronger, more committed stance toward digital assets.
Since the SEC approved the first U.S.-listed spot bitcoin ETF two years ago, numerous financial institutions, primarily asset managers, have launched similar funds. U.S. banks, which have largely served as custodians of client investments, are now seeking to transition from cautious facilitators to active advisers.
In October, Morgan Stanley reportedly broadened access to crypto investments for all clients and account types. Following suit, Bank of America began allowing its wealth advisers in January to recommend crypto allocations in client portfolios, with no minimum asset requirement.
