Morgan Stanley Runs Bitcoin, Ethereum and Solana ETFs at a 0.14% Fee. Which Coin Gets Its Money First?
Key Summary
Morgan Stanley's three crypto ETFs charge a competitive 0.14% fee, leveraging its wirehouse adviser network and staking rewards to potentially drive investment towards Solana. Despite Bitcoin's larger market size, Solana's smaller market size could result in a greater proportional impact per dollar invested.
#MarketPerformance Morgan Stanley's three crypto ETFs, the Bitcoin Trust, Ethereum Trust, and Solana Trust, have seen significant inflows since their launch in 2026. The Bitcoin Trust has amassed over $381 million within three months of its launch, coinciding with a seven-week streak of rising interest in spot Bitcoin ETFs.
#CryptocurrencyStaking The key difference among the three funds is their approach to staking. Staking involves locking up coins to support blockchain operations, earning new tokens as rewards. Both MSSE and MSOL stake and pass the rewards directly to their respective funds, with Morgan Stanley taking no cut. On the other hand, Bitcoin operates on a mining system rather than staking, meaning MSBT does not provide any staking rewards for its investors.
#FundSize Bitcoin clearly leads in terms of fund size, with U.S. spot Bitcoin funds holding about $111 billion. In contrast, spot Ethereum funds account for around $18 billion, while U.S. spot Solana funds sit at about $2 billion. However, Solana benefits most from each additional dollar invested because of its smaller market size.
#InvestmentDirection When examining fund sizes, Bitcoin clearly leads, with U.S. spot Bitcoin funds holding about $111 billion. In contrast, spot Ethereum funds account for around $18 billion, while U.S. spot Solana funds sit at about $2 billion. However, Solana benefits most from each additional dollar invested because of its smaller market size. Additionally, MSOL faces less direct competition, with only eight other spot Solana funds compared to 11 rivals for MSBT.
#AdviserNetwork Morgan Stanley's wirehouse adviser network provides a powerful built-in distribution channel for its crypto ETFs. With one management team, a single fee structure, and one advisory group behind all three Morgan Stanley crypto ETFs, the question is: Which coin will receive investment first, and which will feel the impact most?