Hassan Maishera
On Tuesday, the Solana team announced via X that Morgan Stanley has launched a Solana ETP, $MSOL, on NYSE Arca.
The investment bank launched the firm's spot Ethereum and Solana exchange-traded funds, each of which carries the lowest fee in the market.
Both the ETH- and SOL-based funds charge a 0.14% sponsor fee, lower than Grayscale's Mini Ethereum Trust that charges 0.15% and Franklin Templeton's Solana ETF, which costs 0.19%, according to data from SoSoValue.
Morgan Stanley's Ethereum fund trades under the ticker symbol MMSSE on the New York Stock Exchange, while the Solana fund trades are identified as MMSOL.
Morgan Stanley's Global Head of ETFs Ally Wallace stated that,
"Since introducing our first ETFs in 2023, we've built a diversified suite of ETFs and ETPs that now exceed $14 billion in assets under management. The addition of MSSE and MSOL reflects the natural evolution of our product suite, which seeks to provide simplified access to digital assets through the ETP wrapper."
Morgan Stanley also said it will stake a share of the funds' ETH and SOL holdings to earn staking rewards.
Solana is an integrated, open-source blockchain that synchronizes global information at the speed of light. The network is focused on fast transactions and high throughput to encourage mass consumer adoption of blockchain technology.
Solana is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.
The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.
Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.
SOL is up 0.3% in the last 24 hours and trades at $73.50.
