Morgan Stanley, a Wall Street veteran, recently submitted a new application to the U.S. Securities and Exchange Commission—planning to launch ETF products linked to crypto assets. According to the filed documents, this financial giant is targeting two popular tracks: Bitcoin and Solana.

What does this mean? Traditional financial institutions are taking concrete action to increase their bets in the crypto market. From an asset management perspective, ETFs as a product format enable more mainstream investors to conveniently access digital assets without needing to directly operate wallets or exchange accounts. Morgan Stanley's move indicates that major institutions are no longer standing on the sidelines—they are preparing to establish crypto exposure for their clients.

From a regulatory standpoint, the SEC's approval progress is also worth noting. Whether these applications are approved directly affects the institutionalization progress of crypto assets within the U.S. financial system. Once approved, it could provide a reference pathway for other mainstream financial institutions, further promoting the integration of traditional finance and Web3.