Morgan Stanley's new Ethereum and Solana exchange-traded products traded roughly $38 million on their first day. The Ethereum trust attracted $5.15 million of net inflows while the Solana trust saw no net creations. Both charge a 0.14% annual sponsor fee, below most established rivals.
Morgan Stanley's new Ethereum and Solana exchange-traded products generated roughly $38 million in combined trading volume on their first day, giving the Wall Street firm an immediate presence in two crypto fund markets dominated by earlier entrants.
The Morgan Stanley Ethereum Trust (MSSE) recorded 933,715 shares traded Tuesday and attracted $5.15 million of net inflows. The Morgan Stanley Solana Trust (MSOL) traded 951,216 shares, producing roughly $19 million of turnover but no net creations. Morgan Stanley Investment Management launched the two products July 28, and each began trading on NYSE Arca at around $20 per share.
Ether funds took money in as Solana funds shed it
SoSoValue data show MSSE's inflows represented more than a third of the roughly $14.5 million that entered US ETH funds during the session. BlackRock's ETHB drew $5.9 million, and its larger ETHA product added $3.5 million.
Meanwhile the Solana market moved the other way, with the existing fund group losing $18.1 million as investors pulled the entire amount from Bitwise's BSOL.
Morgan Stanley undercuts rivals on fees
Both trusts can stake their underlying assets, placing the firm directly into a growing competition over how much yield fund issuers return to investors. MSSE and MSOL each carry a 0.14% annual sponsor fee, and Morgan Stanley will take no direct share of their staking rewards. Custodians and staking providers are expected to receive an aggregate 5% of gross rewards, with the remainder retained by the trusts before distributions and applicable expenses.
That structure undercuts several established competitors. Bitwise's BSOL charges a 0.20% management fee and passes 6% of staking rewards to service providers. Grayscale's GSOL charges 0.19% and gives up 7%.
In the ETH market, BlackRock's ETHB has a stated 0.25% sponsor fee and gives up 10% of staking rewards. A waiver temporarily lowers that cost to 0.12% on the first $2.5 billion of assets for 12 months beginning in March.
Distribution against the incumbents' head start
Lower costs do not immediately erase the asset bases rivals have built. BlackRock's original ETHA product has drawn about $11.4 billion. Its newer ETHB has already attracted roughly $529 million.
Bitwise's BSOL has attracted about $892 million of cumulative net inflows. That accounts for most of the roughly $1.12 billion accumulated across the Solana products tracked by Farside.
Morgan Stanley brings a different advantage, however. Bloomberg Intelligence analyst Eric Balchunas described the new products as the most significant additions to the ETH and Solana ETF markets since their initial launch, citing the firm's size and reach. Its Wealth Management business ended 2025 with $7.4 trillion in client assets and more than 20 million client relationships.
Under normal market conditions MSSE plans to stake between 50% and 80% of its Ethereum holdings. MSOL is more aggressive, intending to stake as much as 100% of its SOL.
Source: CryptoSlate
Trading involves risk.
Risk Disclaimer
