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ETH 
SOL Morgan Stanley Investment Management introduced a network participation mechanism for its crypto investment products rather than just passive token exposure
The asset manager has selected Galaxy Digital as an authorized verifier for its new Ethereum and Solana exchange-traded products (ETP), which plan to pledge some of its positions.
According to an announcement released by Galaxy Digital on August 18, the Morgan Stanley Ethereum Trust Fund is traded under the code MSSE on the Arca platform of the New York Stock Exchange, while the Morgan Stanley Solana Trust Fund is traded under the code MSOL. Galaxy Digital is one of the organizations selected to provide pledge support for these two products.
Pledge incentives are designed to reward shareholders
MSSE and MSOL track the performance of ETH and SOL respectively. Each product plans to entrust some assets to institutional verifiers, and pass the resulting pledge rewards to shareholders through regular distribution.
This structure introduces operational issues that are not encountered by products that simply hold tokens. Ethereum and Solana use different validator systems, client software, performance metrics and risk control mechanisms. Verifiers may also face downtime, operational errors, or protocol penalties, so the choice of infrastructure becomes part of the product's risk profile.
Galaxy Digital said that Morgan Stanley evaluated the capabilities of the two networks separately. The announcement did not specify what proportion of positions each trust fund would pledge, what the expected rate of return would be, and the specific allocation ratio among the three selected institutions.
Galaxy Digital continues to expand its institutional-level verifier business
As of the end of the second quarter of 2026, Galaxy Digital reported pledged assets on Ethereum, Solana and other proof-of-stake networks reaching US$2.8 billion. The company views the authorization as an extension of its provision of Infrastructure services to asset managers rather than the launch of new consumer-facing pledge products.
This role is different from pledge activities at the corporate financial level, which, such as BitMine, continues to expand the scale of its Ethereum verifier operations. In exchange-traded products, infrastructure providers need to operate within a framework that must consider factors such as fund custody, liquidity, information disclosure and shareholder allocation.
Cryptography products are moving beyond mere price exposure
This launch shows that institutional-grade encryption products are becoming increasingly complex at the operational level. Pledges can increase revenue, but they also closely link product performance to verifier runtime, withdrawal mechanisms, network rules, and reward processing methods.
Traditional spot funds have made Bitcoin and Ethereum more accessible to investors, and related capital flows can be tracked through products related to recent institutional ETF demand. Morgan Stanley's new trust fund goes one step further and attempts to incorporate native web capabilities into investors 'return composition.
The expected pledge arrangements for these products are still subject to their management documents and operational execution. Galaxy Digital's announcement confirms its eligibility for selection, but this should not be interpreted as a guarantee of future reward levels or the continued and stable operation of the verifier.
