Morgan Stanley Launches Ethereum and Solana ETFs Following NYSE Arca Approval
Highlights
- Morgan Stanley has launched its Ethereum and Solana ETFs on the NYSE Arca.
- The funds will trade under the tickers MSSE and MSOL, respectively.
- This follows the launch of the asset manager's Bitcoin ETF earlier this year.
Morgan Stanley’s Investment arm has launched its Ethereum and Solana ETFs as the Wall Street giant expands its crypto offerings. This follows approval from the NYSE Arca, with these ETH and SOL funds the first issued by a U.S. bank-affiliated asset manager.
Morgan Stanley Launches Solana and Ethereum ETFs
In a press release, the asset manager announced the launch of its Ethereum and Solana ETFs. These funds will trade under the tickers MSSE and MSOL, respectively, and will track the Ethereum and Solana prices.
As CoinGape reported, Morgan Stanley received approval last week to list its ETH and SOL funds on the NYSE Arca. Both funds will offer staking to earn rewards on their holdings, while the asset manager will charge a management fee of 0.14%, which is notably one of the cheapest among the crypto ETF issuers.
The Ethereum and Solana ETFs launch follows the launch of the asset manager’s Bitcoin ETF earlier this year. The Bitcoin fund already boasts over $396 million in net assets, according to SoSoValue data.
It is also worth noting that the Morgan Stanley crypto ETFs are the first issued by a U.S. bank-affiliated asset manager. The Wall Street giant has on several occasions highlighted the growing demand for these crypto assets.
The launch of these funds also deepens the bank’s push into crypto. As CoinGape reported, Morgan Stanley’s E*TRADE recently completed the rollout of spot Bitcoin, Ethereum, and Solana trading to its customers. The bank has also applied for a crypto-focused national trust bank.
Crypto ETFs Continue To See Mixed Flows
Crypto ETFs continue to see mixed flows amid Morgan Stanley’s launch of its Ethereum and Solana ETFs. Bitcoin ETFs are currently on a three-day streak of net outflows after 7 days of consecutive net inflows, according to SoSoValue data.
Meanwhile, the Ethereum ETFs have seen six days of net inflows out of the last eight trading days. Meanwhile, the Solana ETFs have recorded four days of net inflows over a similar period, with two days of zero flows during this period.
This comes amid the latest downtrend in the crypto market, with Bitcoin falling after a retest of the $65,000 psychological level. It also comes amid fading optimism that the Senate will pass the CLARITY Act before its August recess. As CoinGape reported, the Senate has put the CLARITY Act on hold in favor of other pending bills.
For more on institutional involvement in crypto, please check out our page on 8 Best Crypto Lending Platforms for Institutional Users
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