Morgan Stanley Files for Bitcoin and Solana ETFs Amid Institutional Push

Written by Emily J. Thompson, Senior Investment Analyst

MS-0.15%

GS+0.17%

JPM+0.53%

Updated: Jan 06 2026

0mins

Institutional giants made aggressive moves into crypto as Morgan Stanley filed for new funds and Grayscale delivered the first staking yield to ETF investors, providing a tailwind for crypto-adjacent equities and mining stocks. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radioBITCOIN BREAKS $94,000, LIFTING CRYPTO-LINKED EQUITIES:The price of bitcoinbroke through the $94,000 level on Monday, its highest point since early December, driven by a resurgence in institutional demand. Alongside bitcoin, other major assets saw gains, with etherrising over 3% and solanaclimbing nearly 4%. Beyond price action, corporate adoption continues to evolve.MORGAN STANLEY FILES FOR BITCOIN AND SOLANA ETFS AMID INSTITUTIONAL PUSH:Morgan Stanleyhas submitted paperwork to launch its own spot cryptocurrency funds., the bank filed for a bitcoin trust and a solana trust, marking its first direct entry into the ETF issuer space for digital assets. The proposed solana product is notable for allocating a portion of its holdings to be staked, a process that earns network rewards in a similar fashion to being paid dividends on traditional equities. This filing arrives as heavyweights deepen their involvement in the sector, with firms like Goldman Sachs, JPMorgan, and Citialready expanding their institutional crypto trading, custody, and tokenization efforts. While Morgan Stanley has previously allowed clients to trade ETFs from other issuers, this move signals a shift toward proprietary product offerings in a market where competitors like BlackRockhave already attracted billions in assets.GRAYSCALE DISTRIBUTES FIRST DIVIDEND-LIKE YIELD FROM ETHER ETF:Grayscale. The Grayscale Ethereum Staking ETF distributed approximately 8c per share to eligible shareholders, representing proceeds from staking rewards earned in late 2025. This payout marks the first time a U.S.-listed spot crypto ETF has successfully passed blockchain-native yield through to investors, effectively turning ether into a revenue-generating asset similar to a dividend stock. Rather than distributing the cryptocurrency directly, Grayscale monetized the rewards to pay investors in cash, bridging the gap between decentralized finance mechanics and traditional brokerage accounts.EXCHANGES AND INFRASTRUCTURE PROVIDERS SEE RECORD ENGAGEMENT:Trading platforms are evolving to meet the demands of sophisticated investors. CME Group, driven significantly by a 139% jump in crypto derivatives.. The exchange noted that institutional engagement is rising, particularly for capital-efficient instruments like micro bitcoin and micro ether futures.MINERS POST STRONG GAINS LED BY AMERICAN BITCOIN:Bitcoin mining stocks outperformed the broader market as the underlying asset appreciated., American Bitcoinled the sector with a 14% jump, pushing the stock back above $2. The rally extended across the industry, with Hut 8rising 13.6% and rig manufacturer Canaanadding nearly 9%. Other significant gainers included IREN, Cipher Mining, CleanSpark, MARA Holdings, Bitdeer, Bitfarms, and HIVE Digital, most of which posted gains between 5% and 13% as they continue to pivot toward high-performance computing and AI infrastructure.PRICE ACTION:As of time of writing, bitcoin was trading at $93,448.15, while ether was trading at $3,268.31,.

$183.05+Infinity%1D

Analyst Views on MS

Wall Street analysts forecast MS stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for MS is 185.00 USD with a low forecast of 132.00 USD and a high forecast of 219.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

14 Analyst Rating

7 Buy

7 Hold

0 Sell

Moderate Buy

Current: 183.320

Low

132.00

Averages

185.00

High

219.00

Current: 183.320

Low

132.00

Averages

185.00

High

219.00

Keefe Bruyette

Outperform

upgrade

$202 -> $210

2026-01-16

Reason

Keefe Bruyette

Price Target

$202 -> $210

AI Analysis

2026-01-16

upgrade

Outperform

Reason

Keefe Bruyette raised the firm's price target on Morgan Stanley to $210 from $202 and keeps an Outperform rating on the shares. The firm has a constructive outlook looking ahead, the analyst tells investors in a research note.

RBC Capital

Sector Perform

maintain

$185 -> $207

2026-01-16

Reason

RBC Capital

Price Target

$185 -> $207

2026-01-16

maintain

Sector Perform

Reason

RBC Capital raised the firm's price target on Morgan Stanley to $207 from $185 and keeps a Sector Perform rating on the shares. The company's diversified investment services business model, with three primary growth engines - Institutional Securities, Wealth Management and Investment Management - delivered strong results in the quarter, led by its premier investment banking and trading businesses, the analyst tells investors in a research note. Morgan's Stanley's Wealth Management division also generated a record 31.0% pre-tax margin, and its strong excess capital position should allow the bank to reward shareholders with common share repurchases and increased dividends, the firm added.

Unlock Full Analyst Thesis， Get the complete breakdown of rating reason for MS

Unlock Now

BofA

Buy

maintain

$210 -> $220

2026-01-16

Reason

BofA

Price Target

$210 -> $220

2026-01-16

maintain

Buy

Reason

BofA raised the firm's price target on Morgan Stanley to $220 from $210 and keeps a Buy rating on the shares following Q4 core EPS of $2.73 having "handily beat" the firm's and consensus estimates. Following the report, the firm raised its FY26 EPS estimate 4.5% to $11.45, driven by higher revenues.

HSBC

Saul Martinez

Hold

maintain

$131 -> $132

2026-01-07

Reason

HSBC

Saul Martinez

Price Target

$131 -> $132

2026-01-07

maintain

Hold

Reason

HSBC analyst Saul Martinez raised the firm's price target on Morgan Stanley to $132 from $131 and keeps a Hold rating on the shares. Bank stocks have pulled back, offering selective opportunities to add exposure, says the analyst, who raised the firm's 2025-26 adjusted EPS estimates among the group by about 1%-7% to incorporate higher net interest income, investment banking fees, and share repurchase estimates.

About MS

Morgan Stanley is a global financial services company. The Company is engaged in providing a range of investment banking, securities, wealth management and investment management services. Its segments include Institutional Securities, Wealth Management and Investment Management. Its Institutional Securities segment provides a variety of products and services to corporations, governments, financial institutions and ultra-high net worth clients. Its Wealth Management segment provides an array of financial services and solutions to individual investors and small to medium-sized businesses and institutions. Its Investment Management segment provides a range of investment strategies and products that span geographies, asset classes, and public and private markets to a diverse group of clients across institutional and intermediary channels. Its investment banking services consist of capital raising and financial advisory services, including the underwriting of debt and other products.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.