Morgan Stanley Investment Management has refiled an amended S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for a spot Solana (SOL) exchange-traded fund that includes a staking component. The proposed fund, named the Morgan Stanley Solana Trust, was submitted on May 20, 2026, as the bank seeks to expand its digital asset offerings. The trust is expected to trade on the NYSE Arca exchange under the ticker symbol MSOL.
The revised filing, first reported by Bloomberg ETF analyst James Seyffart, follows the bank’s initial application from January 6, 2026. This move comes after Morgan Stanley expands Bitcoin access for wealth clients, reflecting a strategy to offer diversified regulated products. The trust aims to track the performance of SOL in U.S. dollars while reflecting rewards earned from staking a portion of its holdings.
Under the proposed structure, the trust will act as a passive investment vehicle, avoiding leverage or derivatives. It intends to hold physical SOL in custody with BNY Mellon and Coinbase Custody Trust Company. Other involved entities include CSC Delaware Trust Company and AGS Trustees, serving as sponsor-related partners to manage the legal framework of the trust.
Staking rewards and institutional custodial security
The Morgan Stanley Solana Trust may stake up to 100% of its SOL holdings, though the filing notes this is subject to liquidity needs and redemption activity. Staking rewards are an integral part of the fund’s objective. These rewards are expected to be distributed to shareholders monthly when practical, but no less frequently than on a quarterly basis.
To mitigate security risks, third-party service providers will handle staking technicalities under the supervision of the custodians. The custodians will retain sole control of the private keys. Crucially, staking providers will have no authority to transfer or withdraw assets from the trust. This setup ensures that the assets remain secure while the crypto market window closes on unregulated or high-risk yield products.
The fund will benchmark its daily value using the CoinDesk Solana Benchmark 4 p.m. New York Settlement Rate. This provides a transparent mechanism for investors to track the fund’s net asset value. By including staking, Morgan Stanley differentiates this product from basic spot vehicles that do not offer the underlying network rewards provided by Solana’s proof-of-stake mechanism.
Market performance and the Solana ecosystem
Following the new S-1 filing, the price of SOL showed modest movement, trading at approximately $84.91. This represented a 0.41% increase over a 24-hour period, accompanied by a 1.61% rise in trading volume. The asset currently maintains a fully diluted market capitalization of approximately €42.36 billion EUR, according to data from the MEXC exchange portal.
Morgan Stanley is already familiar with the asset class, having held $29.9 million in Bitwise’s Solana staking ETF as of the first quarter of 2025. Launching its own trust marks a shift toward proprietary products. Many investors are watching these developments closely as Ether enters rare accumulation phase, suggesting institutional interest in large-cap digital assets remains robust despite broader market cooling.
The investor appetite for Solana appears significant in the current regulatory environment. Spot Solana ETFs in the United States recorded roughly $103 million in net inflows during May. US-listed spot Solana exchange-traded products now hold approximately $95 million in assets, highlighting the growing demand for regulated investment wrappers that simplify access to blockchain technology.
Path to approval on NYSE Arca
The filing of the amended S-1 does not guarantee immediate approval by the SEC. The commission has historically scrutinized staking components within exchange-traded products. However, Morgan Stanley’s filing mirrors its previous successful launch of a spot Bitcoin ETF in April, suggesting the firm is following a tested regulatory roadmap.
If the SEC approves the Morgan Stanley Solana Trust, the MSOL ticker will join a competitive field on NYSE Arca. The bank’s entry into the space would likely pressure other asset managers who are also seeking to bring crypto-native yield products to the public markets. For now, the application remains under review, and further updates will be made available through the SEC EDGAR database.