Breaking: Morgan Stanley Files Amended S-1 For Ethereum & Solana ETF
Highlights
- Morgan Stanley filed an updated Form S-1 for its Ethereum and Solana ETFs.
- The filings mentioned the tickers for the ETH and SOL products.
- However, the Wall Street heavyweight didn't disclose the fee details.
Morgan Stanley has submitted revised S-1 registration statements to the U.S. Securities and Exchange Commission for two proposed crypto ETFs. The Wall Street giant just amended its application for Ethereum and Solana ETFs.
Morgan Stanley Submits Amended S-1 For Ethereum, Solana ETF
The filings are for Morgan Stanley’s Ethereum Trust and Solana Trust. In the modified filings, Morgan Stanley noted that the proposed ticker for the Ethereum ETF is MSSE. Meanwhile, the proposed ticker for the Solana product is MSOL. It aims to mirror its launch of a spot Bitcoin ETF in April.
The two submissions were made on May 20. The documents describe the structure of the trusts and the creation and redemption of shares by means of authorized participants. The filings also contain language relating to staking that is associated with the underlying assets of the trusts.
The trust will follow spot Ethereum price and use a share of the ETH that is held on the vehicle for staking, according to the Ethereum filing. According to the filing, the trust is not an active investment entity. Thus, it will not aim to earn a profit besides following the ETH price and the rewards from staking.
Morgan Stanley has used a similar language is used in the Solana ETF filing. It indicates that the trust will keep track of SOL price. Further, it will stake a portion of the tokens in the trust. The filing also refers to risks relating to Solana’s Proof of History architecture and network design.
It represents a major step towards the launch of these altcoin ETFs. Also, Morgan Stanley has introduced trading for Bitcoin and Ethereum.
Fee Details & Launch Date
However, the bank didn’t mention management fee information and expense ratios for either of the ETFs. Further, as of now, no launch date has been revealed.
Meanwhile, the revised filings indicate cash creations and cash redemptions would be available for the trusts via the authorized participants. The trusts would be delegated operational processes to a delegated sponsor.
Morgan Stanley’s amended S-1 filings coincide with the increasing competition in the U.S. spot crypto ETF space that’s not just about Bitcoin products now. Along similar lines, Grayscale filed an amended S-1 for its BNB coin ETF.
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