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The application shows that Morgan Stanley is not only seeking passive price exposure but also aims to accumulate staking rewards within the product, thereby differentiating it from simpler spot products.
The fund is officially structured as the Morgan Stanley Solana Trust, with an investment objective to track SOL's performance in USD while reflecting the staking rewards portion.
The application also states that sponsors will select staking providers based on "performance, reliability, and reputation."
Morgan Stanley's early expansion into crypto ETFs gives this application broader significance.
According to CoinMarketCap data, as of December 20, 2025, SOL's total market capitalization is approximately $70.54 billion, ranking seventh.