Morgan Stanley updates filings for Solana and Ethereum trusts, revealing key details

Morgan Stanley has updated the paperwork for two planned single-asset crypto trusts, adding key details that were left blank in its first filings earlier this year.

The bank filed amended S-1 registration statements last Thursday for a spot Solana Trust and a spot Ethereum Trust. The new versions identify the custodians, the sponsor fee and the tickers for both products, filling in the missing pieces from the January submissions. Those details matter because they tell investors and regulators who will hold the coins, what the funds will charge, and how the trusts would trade if approved.

For Solana, the filing marks another step in the race among issuers trying to bring regulated spot exposure to the token market. Ethereum already has listed spot funds in the US, but a new trust structure would add another channel for investors who want direct exposure without managing wallets or exchanges themselves. Solana, by contrast, is still waiting for a US-listed spot product, so any movement in the filing process is likely to draw close attention from traders watching for signs of progress.

Amended S-1s do not guarantee approval. They do, however, usually show that the issuer is working through the details regulators want clarified before a product can move ahead. In practice, that can mean custody arrangements, fees, creation and redemption mechanics, and the exact way the trust would be named and traded once it reaches market.

The filing also matters for liquidity expectations. If either trust gets approved, the first sessions could attract quick turnover as traders test demand, arbitrage desks adjust to the new venue, and long-only buyers decide whether the product is worth the cost. For SOL, any sign of a viable US spot vehicle would be watched closely because it could widen access beyond offshore exchanges and derivatives.

For now, the market is left with a clearer filing trail, not a launch date. Traders will be watching the next SEC update, any revised comments from the regulator, and whether Morgan Stanley pushes the trusts closer to effectiveness with further amendments in the weeks ahead.