Overview
- Morgan Stanley filed Amendment No. 3 to registration statements for the Morgan Stanley Ethereum Trust and Morgan Stanley Solana Trust, formalizing operational details but not securing regulatory approval.
- The trusts are designed to trade on NYSE Arca under tickers expected to be MSSE and MSOL and to give brokerage account holders spot token exposure without requiring direct token custody.
- The filings name Coinbase and BNY Mellon as custodians and list Figment, Galaxy and Coinbase Canada among staking providers to operationalize staking and custody services.
- Staking rules would put between 50% and 80% of ETH and up to 100% of SOL to work in validators, allocate 95% of gross staking rewards to shareholders and keep a 0.14% annual sponsor fee.
- Regulatory and operational risks remain: the trusts are not registered under the Investment Company Act of 1940, any staking may be suspended for legal or tax reasons, and staking carries technical risks such as activation delays, validator failures and potential slashing.