TLDR
- Morgan Stanley filed three spot crypto ETFs for Ethereum, Bitcoin, and Solana within 24 hours.
- The proposed Ethereum ETF plans to stake part of its holdings and reflect rewards in NAV.
- The Ethereum filing follows earlier Bitcoin and Solana trust applications with the SEC.
- Spot Ethereum ETFs currently hold about $20 billion in assets across U.S. products.
Within a single day, the Wall Street bank filed paperwork for three separate crypto exchange-traded funds. The latest filing targets Ethereum and follows earlier submissions tied to Bitcoin and Solana. Together, the filings show a coordinated strategy rather than isolated product launches. The move places Morgan Stanley among the most active large banks in regulated crypto fund development.
Morgan Stanley filed an S-1 registration statement with U.S. regulators for a spot Ethereum exchange-traded fund. The proposed product is structured as the Morgan Stanley Ethereum Trust. It would hold ether directly and aim to track its market price. The filing also includes plans to stake a portion of the fund’s ether holdings.
The trust would not distribute staking rewards to investors as cash. Instead, staking income would be reflected in the fund’s net asset value. This structure aligns staking returns with price performance over time. The approach differs from some competing Ethereum ETFs that pay rewards directly to shareholders.
Bitcoin and Solana Filings Signal Coordinated Strategy
The Ethereum filing followed two other crypto ETF submissions made roughly 24 hours earlier. Morgan Stanley filed for spot Bitcoin and spot Solana trusts on Tuesday.The close timing suggests a broader rollout rather than separate experiments. All three filings were submitted to the U.S. Securities and Exchange Commission.
Analysts at Bloomberg Intelligence described the rapid sequence as unexpected. James Seyffart and Eric Balchunas noted that few large banks move this quickly. The filings place Morgan Stanley among a small group of major institutions seeking multi-asset crypto exposure. The bank manages trillions in assets and ranks among the largest U.S. wealth managers.
Ethereum ETFs Gain Ground Alongside Bitcoin Products
Spot Bitcoin ETFs have seen heavy trading since their U.S. launch in early 2024. Combined trading volumes for U.S. spot crypto ETFs recently crossed $2 trillion. Ethereum products remain smaller but continue to attract steady inflows. Spot Ethereum ETFs now hold about $20 billion in assets.
The Ethereum market has drawn interest due to staking yield features. Fund issuers continue to test different ways to handle staking income. Regulators have reviewed these structures closely over the past year. Morgan Stanley’s filing reflects one of several approved design paths.
Broader Digital Asset Push Inside Morgan Stanley
The ETF filings follow other digital asset moves by Morgan Stanley. The bank has placed limits on crypto exposure for certain managed portfolios. It has also explored broader crypto access across client accounts. Retirement plan exposure remains under review, according to earlier disclosures.
The new filings suggest continued engagement rather than a pause. They also arrive as more traditional firms seek regulated crypto products. Morgan Stanley’s approach relies on existing market infrastructure and compliance frameworks. The bank has not shared a launch timeline for the proposed funds.
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