Why the crypto ETF market is entering the commodity stage
Ethereum proposed by Morgan Stanley Solana Exchange-traded funds (ETFs) will enter a market where issuers increasingly offer similar exposure to the same assets. The company recently amended both of its filings with the U.S. Securities and Exchange Commission to include a management fee of 0.14%, lower than Grayscale’s 0.15% and Franklin Templeton’s 0.19%. Narrow spreads suggest intensifying price competition.
Brian Ruddick, Chief Strategy Officer Solana Former head of research at finance company Upexi cryptocurrency With trading companies liquidity Provider GSR argued that fees are less important than what they suggest about market developments. On July 9th, he said of X:
“Issuers will not compete on price until the product becomes more like a commodity and they compete for share, and so will spot compression.” BTC ETF passed. ”
” $SOL “ETFs have already surpassed $1 billion in assets under management, led by Bitwise’s BSOL, so there is room to compete for real market share,” he added.
In this discussion, the 0.14% fee would be considered within the transition from product creation to asset collection. When multiple issuers offer similar exposure, administrative costs become one of the most obvious points of differentiation. Comparison with spot Bitcoin ETF Propose Ethereum, Solana The product may be in the same phase as rate compression.
Bitwise is Solana ETF, BSOL will be listed on NYSE Arca in October 2025, becoming the first US-listed stock offering direct spot exposure. $SOL. The fund is active beyond simple price tracking. staking allow its possession staking Compensation that contributes to the Fund’s income, excluding applicable expenses.
How Morgan Stanley designed Ethereum and the Solana Trust
Morgan Stanley Ethereum Trust trades on the NYSE Arca under the ticker MSSE and tracks settlement rates on the Coindesk Ether Benchmark 4PM NY. In addition to the proposed 0.14% fee, Morgan Stanley Investment Management stake Under normal conditions, 50% to 80% of the trust’s ether.
BNY and Coinbase Custody will hold the assets of the Ethereum Trust. staking Providers and custodians receive a total of 5%. staking Give them a reward and leave the rest in a trust. Net compensation will be distributed monthly and at least quarterly, but the application does not guarantee any amount.
morgan stanley Solana The trust will trade on the NYSE Arca under the ticker MSOL and will track Coindesk. Solana Benchmark settlement rate in New York at 4 p.m. There will also be a proposed 0.14% fee. The trust is stake up to 100% $SOL On the other hand, we keep some of our holdings un-stakes for redemptions, expenses, and distributions.
BNY and Coinbase Custody will also act as custodians for MSOL. staking Providers and custodians receive 5%. staking Leave 95% confidence. Net rewards are distributed monthly and at least quarterly, but validator block rewards and trading fees are not accrued to shareholders.
What Morgan Stanley’s Bitcoin ETF says about strategy
Morgan Stanley has already adopted the same fee levels for its spot Bitcoin products. morgan stanley Bitcoin The Trust began trading on April 8, 2026 under the ticker MSBT and had an annual management fee of 0.14%. This was 0.25% below Blackrock’s IBIT and below Bitwise’s spot. Bitcoin ETF At 0.20%.
MSBT becomes the first unique spot cryptocurrency An ETF released under the name of a major U.S. commercial bank. As of July 10, 2026, the company is trading at $18.47 per share and has total net assets of approximately $364.23 million. Its debut ranked in the top 1% of ETF launches in terms of volume and early adoption.
With the proposed ETH $SOL The funds are preliminary and the shares cannot be sold until the registration statement becomes effective. An official release date has not been announced. The SEC’s effectiveness and subsequent asset flows will show whether Morgan Stanley’s combination of low fees, staking income and bank-backed distributions can gain market share.
