American multinational investment bank Morgan Stanley has filed for a Solana exchange-traded fund.
The fund seeks to track the performance of SOL, the native digital asset of the Solana blockchain, as measured by a specific Pricing Benchmark, adjusted for expenses and liabilities.
The Trust will utilize third-party SOL custodians to hold the Trust's SOL.
The trust will engage in staking to earn rewards, which are expected to accrete to the product's net asset value (NAV).
On top of that, Morgan Stanley has also filed for a Bitcoin ETF, joining BlackRock and a slew of other issuers.
No longer just a middleman
This is yet another development that shows how mainstream crypto has become. Until now, Morgan Stanley has only allowed its clients to invest in other crypto ETFs instead of creating its own products and actively managing them.
It is worth noting that Morgan Stanley is known as a bellwether for institutional crypto adoption. It became the first major Wall Street brokerage to officially allow its 15,000 financial advisors to solicit eligible clients to buy spot Bitcoin ETFs. In October, it expanded access to all wealth management clients.
Arman Shirinyan
Godfrey Benjamin
Yuri Molchan
Gamza Khanzadaev