CryptoSlate
Morgan Stanley launched spot Ethereum and Solana funds with staking on NYSE Arca on Tuesday, drawing roughly $38 million in combined first-day volume. The Morgan Stanley Ethereum Trust (MSSE) recorded 933,715 shares traded and pulled in $5.15 million of net inflows, more than a third of the roughly $14.5 million that entered US ETH products during the session. The Morgan Stanley Solana Trust (MSOL) generated 951,216 shares and around $19 million in turnover, though net creations came in at zero while the broader Solana fund group shed $18.1 million after BSOL alone saw the same amount redeemed.
Why it matters
Morgan Stanley is entering two fund categories late but with the most aggressive fee structure in either market. MSSE and MSOL each carry a 0.14% annual sponsor fee, and Morgan Stanley takes no share of staking rewards; custodians and staking providers together receive 5% of gross rewards, well below the 6% to 25% spread charged by Bitwise, Grayscale, Franklin Templeton, 21Shares, Fidelity and VanEck on their respective Solana products. BlackRock's staking-enabled ETHB temporarily undercuts on headline cost through a waiver that takes its fee to 0.12% on the first $2.5 billion for 12 months, but its standard rate remains 0.25%.
The bigger lever is distribution. Morgan Stanley has nearly 16,000 financial advisers overseeing about $2.6 trillion in client assets, and its Wealth Management business ended 2025 with $7.4 trillion in client assets across more than 20 million relationships. Bloomberg Intelligence's Eric Balchunas called MSSE and MSOL the most significant additions to the ETH and Solana ETF markets since their initial launch. E*TRADE completed direct spot trading in BTC, ETH and SOL earlier this month, and a referral arrangement with Galaxy Digital lets eligible wealth clients convert direct crypto exposure into the new ETPs.
Market impact
Incumbents still hold a deep head start. BSOL has roughly $892 million in cumulative net inflows, about 80% of the $1.12 billion across tracked Solana products, while BlackRock's ETHA holds around $11.4 billion and staking-enabled ETHB already sits near $529 million.
Frequently asked questions
-
What fees do Morgan Stanley's MSSE and MSOL charge compared to competitors?
MSSE and MSOL each carry a 0.14% annual sponsor fee. Morgan Stanley takes no direct share of staking rewards, and custodians plus staking providers together receive 5% of gross rewards. That undercuts BSOL at 0.20%/6%, GSOL at 0.19%/7%, SOEZ at 8%, 21Shares at 10%, Fidelity at 15% and VanEck at 25% on staking cuts.
-
How much volume did Morgan Stanley's ETH and SOL funds do on day one?
Combined first-day volume on NYSE Arca was roughly $38 million. MSSE traded 933,715 shares and attracted $5.15 million of net inflows, more than a third of the ~$14.5 million that entered US ETH products that session. MSOL traded 951,216 shares with ~$19 million in turnover and zero net creations.
-
What is Morgan Stanley's distribution advantage over incumbent crypto ETF issuers?
Morgan Stanley has nearly 16,000 financial advisers overseeing about $2.6 trillion in adviser-led client assets. Its broader Wealth Management business ended 2025 with $7.4 trillion in client assets and more than 20 million client relationships. E*TRADE now offers direct BTC, ETH and SOL trading, and a Galaxy Digital…
-
How much of their holdings will MSSE and MSOL stake?
MSSE plans under normal market conditions to stake between 50% and 80% of its Ethereum holdings. MSOL is more aggressive, intending to stake up to 100% of its SOL while periodically keeping assets unstaked for redemptions and liquidity. Net staking rewards are distributed in cash monthly, but at least quarterly.
-
How do incumbent ETH and SOL funds compare in assets to Morgan Stanley's new launches?
BlackRock's ETHA holds about $11.4 billion and its staking-enabled ETHB already sits near $529 million. Bitwise's BSOL has roughly $892 million in cumulative net inflows, about 80% of the ~$1.12 billion across tracked Solana products. Morgan Stanley's earlier Bitcoin trust MSBT had crossed $400 million despite a late…
CoinDesk
Crypto News
TheBlock
CoinTelegraph
WuBlockchain
WatcherGuru