Morgan Stanley Files Bitcoin, Ethereum, and Solana Staking ETFs as It Prepares a Proprietary Crypto Wallet and Trading Expansion

Wall Street heavyweight accelerates digital asset strategy with ETF filings, staking exposure, and a planned in-house wallet

TL;DR

• Morgan Stanley filed S-1 registrations for Bitcoin, Ethereum, and Solana ETFs in early January 2026, including staking-enabled structures for ETH and SOL.
• The bank is preparing a proprietary crypto wallet and direct crypto trading via E*TRADE, signaling a shift from indirect exposure to full-stack infrastructure.
• The move comes as institutional demand strengthens, with U.S. spot crypto ETFs surpassing $2 trillion in cumulative trading volume.

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Morgan Stanley has taken one of its most decisive steps yet into digital assets, filing for a suite of cryptocurrency exchange-traded products while simultaneously preparing to roll out a proprietary crypto wallet and expanded trading services. The filings, submitted to the U.S. Securities and Exchange Commission on January 6, 2026, outline proposed spot Bitcoin, Ethereum, and Solana trusts, with the latter two incorporating staking mechanisms that would allow the funds to earn yield in addition to tracking underlying crypto price movements. Together, the filings and infrastructure plans mark a clear evolution in how one of Wall Street’s largest institutions is approaching crypto, shifting from cautious client exposure toward building and controlling its own regulated product stack.

The Bitcoin Trust described in the filings is structured as a spot vehicle designed to hold Bitcoin directly, tracking price movements without leverage or derivatives. Custody arrangements emphasize institutional safeguards, with the majority of assets expected to be held in cold storage and limited hot wallet exposure reserved for operational needs. While structurally conservative compared with more experimental crypto products, the Bitcoin ETF reflects Morgan Stanley’s intent to compete in a market that has already seen explosive growth, with U.S. spot crypto ETFs collectively surpassing $2 trillion in cumulative trading volume and drawing more than $1.1 billion in net inflows during the first two trading days of 2026 alone.

More notably, the Solana and Ethereum filings introduce staking into an ETF framework, a feature still rare among traditional asset managers. The proposed Solana Trust would hold SOL on a spot basis while delegating a portion of its holdings to third-party validators, allowing staking rewards to accrue to the fund’s net asset value. A similar structure is outlined for the Ethereum Trust, with staking yield incorporated into the overall valuation rather than distributed directly to investors. These designs aim to blend passive exposure with proof-of-stake economics, effectively layering yield on top of price appreciation while introducing new operational considerations such as validator performance, lock-up periods, and protocol-level risks.

The ETF filings arrive as part of a broader digital asset push that extends well beyond fund products. Morgan Stanley is preparing to launch its own crypto wallet in 2026, with current plans pointing to a second-half rollout. The wallet is expected to serve institutional and high-net-worth clients initially, offering secure custody for cryptocurrencies and eventually supporting tokenized real-world assets such as equities and private market instruments. By developing an in-house wallet rather than relying solely on third-party custodians, the bank is positioning itself to integrate on-chain assets directly into its existing wealth management and portfolio infrastructure.

Alongside custody, Morgan Stanley is also preparing to introduce spot crypto trading through its E*TRADE platform, with Bitcoin, Ethereum, and Solana expected to be available to clients in the first half of 2026. This would mark a significant expansion from earlier phases of the bank’s crypto involvement, which largely limited direct exposure to select clients and products. Crypto trading access was broadened in October 2025 to all Morgan Stanley client account types, setting the stage for a more comprehensive offering that spans trading, custody, and investment vehicles under a single institutional umbrella.

Taken together, the strategy reflects a deliberate attempt to capture multiple layers of the digital asset value chain at a time when institutional interest continues to deepen. Morgan Stanley, which oversees roughly $1.8 trillion in assets, appears intent on positioning crypto not as a niche alternative investment but as an integrated component of modern portfolio construction. The inclusion of staking within ETF structures also signals a willingness to engage with blockchain-native mechanics rather than limiting products to simplified price tracking tools that mirror traditional commodity funds.

Market context has played a crucial role in enabling this expansion. Regulatory conditions in the United States have become more accommodating toward spot crypto products, reducing barriers that previously constrained large banks from launching such offerings. At the same time, institutional benchmarks like the crypto price index and broader coin market cap metrics have gained legitimacy as reference points for asset allocation discussions, reinforcing demand for regulated vehicles that align with traditional compliance standards. Morgan Stanley’s move places it among a growing cohort of financial giants seeking to internalize crypto capabilities rather than outsourcing them, reflecting a belief that digital assets are transitioning from experimental exposures to durable components of the global financial system.

Rather than framing the initiative as a speculative bet, the bank’s filings and infrastructure plans read as an operational roadmap. Bitcoin remains the anchor, but Ethereum and Solana’s inclusion — particularly with staking — suggests that institutional portfolios are beginning to differentiate between blockchain networks based on functionality, yield, and long-term relevance. As crypto price volatility continues to shape market narratives, Morgan Stanley’s approach underscores a parallel trend: large financial institutions are building quietly, methodically, and with an eye toward permanence rather than hype.

This article has been refined and enhanced by ChatGPT.