Morgan Stanley dépose une demande pour un produit de fiducie Ethereum, élaborant une stratégie de conversion ETF

Morgan Stanley, Ethereum [image]$ETH( Trust Application… Strategy Strengthens Aimed at ETF Conversion

Morgan Stanley has submitted a registration filing for “Morgan Stanley Ethereum Trust” to the U.S. Securities and Exchange Commission (SEC), demonstrating formal intent to enter the cryptocurrency market. This represents a significant move by a major Wall Street financial institution to expand ethereum spot products beyond bitcoin.

Strategic Significance of Trust Application

The S-1 registration filing was submitted to the SEC on January 6, with the trust to be established as a Delaware corporation, holding ethereum and providing investors with price appreciation returns. Morgan Stanley Investment Management will operate the trust, with CSC Delaware Trust Company serving as custodian. This structure design fully considers the possibility of future conversion to an ETF through exchange listing.

Current State of Ethereum Spot ETF Market

The current ethereum spot ETF market has total net assets of $20.06 billion, with average daily trading volume of $1.72 billion, representing approximately 5% of ethereum’s total market value, reflecting that institutional capital inflows have reached a considerable scale.

In terms of market share, BlackRock’s ETHA dominates with $11.58 billion in assets and average daily trading volume exceeding $1 billion. Grayscale’s ETHE faces $5 billion in capital outflows due to higher fees. Low-fee ETFs and Fidelity’s FETH maintain steady long-term capital inflows. Experts analysis suggests that fee efficiency and liquidity have become the primary factors in investor selection.

Groundwork Strategy for ETF Conversion

This trust application is ostensibly a legal procedure, but substantively represents a preparatory phase for ETF conversion. Grayscale and VanEck previously began as trust products and successfully converted to ETFs, while BlackRock and Fidelity directly launched ethereum spot ETFs following SEC approval in July 2024.

Morgan Stanley recently filed consecutive applications for bitcoin trusts, Solana-based trust products, and is preparing bitcoin, ethereum, and Solana trading services through the E-Trade platform. This is not an isolated action, but a strategic expansion targeting the digital asset market. This trend is closely related to a more relaxed regulatory environment under the Trump administration.

Practical Value of Trust Products

Regardless of whether it ultimately converts to an ETF, ethereum trust products hold significant value. They enable ordinary investors to conveniently gain ethereum exposure through brokerage accounts, without requiring complex wallet setup. While unable to obtain staking rewards or participate in on-chain activities, institutional investors continue to be attracted due to institutional utilization and tax reporting convenience.

Morgan Stanley’s ethereum trust application, whether or not ETF approval is granted, will help lower barriers to participation in the cryptocurrency market. Traditional asset management companies beginning to focus on asset classes beyond bitcoin signals the possibility of market structure expansion.