Morgan Stanley Files Amended S-1s for Spot Solana and Ethereum Trusts

Morgan Stanley filled in the blanks on its two single-asset crypto trusts last Thursday, filing amended S-1 registration statements for a spot Solana Trust and a spot Ethereum Trust that now identify the custodians, sponsor fee and tickers left open in the original January filings.

The Solana amendment, filed under registration number 333-292587, names BNY Mellon and Coinbase Custody Trust Company as joint custodians, with the same dual custodian arrangement set out in the parallel Ethereum filing under registration number 333-292593. Each trust carries a sponsor fee accruing daily at an annualized 0.14% of net asset value, with Morgan Stanley Investment Management Inc. serving as Delegated Sponsor. Shares will list on NYSE Arca under the tickers MSOL and MSSE, with CoinDesk Indices supplying the pricing benchmark for both products. Each filing also describes staking provisions allowing the Delegated Sponsor to stake a portion of the trust's holdings through approved third-party staking services providers.

The 0.14% fee aligns the new trusts with Morgan Stanley's existing spot Bitcoin ETF MSBT, which launched in April as the lowest-fee Bitcoin product in the US market and pulled in $30.6 million on its first trading day. MSOL and MSSE share MSBT's operating architecture: Morgan Stanley Investment Management as sponsor, BNY Mellon on the institutional custody side, and an NYSE Arca listing. The MS-prefix branding carries across all three products, and the new trusts inherit MSBT's fee-floor positioning into asset classes where rival altcoin issuers have been pricing higher.

The amendments arrive into an altcoin-ETF environment where institutional appetite has been mixed. Canary Capital's spot Litecoin ETF LTCC has gathered only $9 million in nearly eight months of trading, raising questions about whether single-asset altcoin wrappers automatically translate into institutional flows beyond Bitcoin and Ether. A swath of XRP, Solana and Dogecoin filings are also working through their own S-1 and 19b-4 cycles with the agency. The original S-1s for both Morgan Stanley trusts were filed in January 2026, and Thursday's S-1/A amendments fill in placeholder fields that typically reflect responses to SEC staff comments during the registration review cycle. No effective date is yet set for either trust.