Morgan Stanley officially filed documents with the U.S. Securities and Exchange Commission on January 6, 2026, seeking to launch a spot Bitcoin trust and a spot Solana trust.
This Wall Street giant has become the first among the top ten U.S. banks to take this step, marking a new phase in traditional finance’s embrace of cryptocurrencies.
01 Institutional Entry
Morgan Stanley’s move is not an isolated event. It comes amid a fundamental shift in Wall Street’s attitude toward cryptocurrencies.
As one of the top ten U.S. banks by total assets, Morgan Stanley’s submission of a Form S-1 to launch both Bitcoin and Solana ETFs marks the first attempt of its kind among banks of this scale.
Behind this action is a widespread consensus on Wall Street: "It can’t wait any longer." Competitors like Goldman Sachs, JPMorgan, and Citigroup have already been ramping up their digital asset divisions.
Even traditionally conservative Vanguard allowed clients to trade crypto ETFs as of December last year, and Bank of America recently updated its policy to let wealth advisors recommend Bitcoin ETF allocations.
02 Product Innovation
According to the filing, Morgan Stanley’s Bitcoin trust will directly hold Bitcoin and adopt a passive management strategy, refraining from active trading based on market conditions. The Solana trust, however, introduces an innovative feature—staking.
This means the product not only tracks Solana’s price but also stakes a portion of its holdings to support the blockchain network and earn rewards. This differentiated strategy clearly aims to attract investors seeking additional yield.
Notably, Solana is currently the sixth-largest digital asset by market capitalization. Its spot ETF product recorded a net inflow of $2.29 million on December 31, 2025.
03 Market Response
The cryptocurrency market kicked off 2026 with strong momentum, providing favorable conditions for Morgan Stanley’s entry.
On January 5, U.S. spot Bitcoin ETFs saw their largest single-day inflow since October 7, 2025, with net inflows reaching $697 million. BlackRock’s IBIT product led the way, drawing in $372 million in a single day.
At the same time, spot Ethereum ETFs also added over $168 million in new net assets. This simultaneous demand for the two leading crypto assets points to a broader risk-on sentiment in the digital asset class as the new year begins.
On January 6, Bitcoin’s price surged to nearly $94,700, up more than 7% since January 1. Ethereum climbed nearly 2%, briefly breaking above $3,300, for a weekly gain of about 9%. Solana stood out, soaring nearly 13% in a single day to $143, with a weekly increase approaching 29%.
04 Regulatory Momentum
Recent regulatory shifts by the U.S. government have cleared the way for Wall Street institutions to enter the cryptocurrency space.
In July 2025, President Trump signed the "Guiding and Establishing the National Innovation and U.S. Stablecoin Act" (GENIUS Act), creating a comprehensive regulatory framework for stablecoins.
That same month, the "Cryptocurrency Legal Accountability, Registration, and Investor Transparency Act" (CLARITY Act) passed in Congress and is expected to clear the Senate on January 15, 2026.
In September 2025, the SEC also revised listing rules for new commodity ETFs—including those for crypto assets—opening the door for more financial products to enter the market.
05 Capital Inflows
Todd Sohn, Senior ETF Strategist at Strategas Securities, noted, "For issuers, the scale of crypto assets has become too big to ignore."
Currently, over $150 billion is allocated across roughly 130 U.S. crypto funds. Spot Bitcoin ETFs alone now hold total net assets of $123 billion, representing 6.57% of Bitcoin’s total market cap.
Since the start of 2026, these products have seen net inflows exceeding $1.1 billion. QCP Capital observed, "The correlation between cryptocurrencies and broader risk assets is looking less like a coincidence and more like a structural shift at the start of the year."
06 Investment Insights
Morgan Stanley manages assets for approximately 19 million clients. Its entry into the crypto ETF space could bring unprecedented institutional capital to the market.
Unlike asset managers such as BlackRock, Morgan Stanley boasts a vast wealth management division and thousands of advisors. Through in-house ETF products, the bank can vertically integrate these offerings into client portfolios, keeping management fees internal.
For retail investors, this means easier access to cryptocurrencies through traditional brokerage accounts. Shares will be created and redeemed by authorized participants in cash or in-kind, while individual investors can buy and sell these shares on the secondary market via their brokerage accounts.
On mainstream trading platforms like Gate, investors can closely monitor price movements of major cryptocurrencies such as Bitcoin and Solana. As of January 7, the overall market remains upbeat, with Bitcoin holding near $93,000 and Solana continuing to show strong momentum.
Morgan Stanley also plans to offer token trading support to its E*Trade clients in 2026, signaling the firm’s active expansion of its digital asset infrastructure.
Outlook
As of January 7, Solana was trading at $139.37 on Gate, up 0.5% over 24 hours. Bitcoin remained steady above the $92,500 mark.
Morgan Stanley’s filing has yet to specify detailed custody arrangements, which are expected to be disclosed in subsequent amendments. Once approved, these products will list on national securities exchanges, with ticker symbols to be announced.
With more institutional capital expected to flow in throughout 2026, the crypto market may be poised for a new growth cycle. Cristiano Castro, Head of Business Development for BlackRock Brazil, revealed that as of November 2025, the company’s spot Bitcoin ETF had become its primary source of revenue, with allocations nearing $100 billion.
