00:00 Speaker A
Now the next story is more institutional, but all of these are obviously related because we’re talking about the big banks.
00:06 Speaker A
Here we have some news from Morgan Stanley from my friend James Saford, the Oracle of ETFs over at Bloomberg.
00:13 Speaker A
This morning, Morgan Stanley submitted an amended filing for their Solana ETF. Ticker will be MSOL.
00:18 Speaker A
We don’t have a fee yet. So this is absolutely mind-blowing to me.
00:22 Speaker A
Morgan Stanley was largely sidelined with the crypto industry just a few weeks ago, and then all of a sudden they issued a Bitcoin Spot ETF that came in at 14 bips, cheaper than everybody else.
00:32 Speaker A
This was the first commercial bank to do so. They’re not generally an ETF issuer.
00:37 Speaker A
Now Morgan Stanley also coming in with a Solana ETF and a Solana staking ETF, the first bank to do that.
00:44 Speaker A
We do have Solana ETFs from other issuers, of course.
00:48 Speaker A
But you have to assume they’re also going to come in with a cheaper product here, and a staking ETF means effectively that you’ll be able to get a dividend because they’ll be able to stake into the network and earn a yield for holding Solana on behalf of the ETF.
01:03 Speaker A
And now there’s another side to this story, which I find very, very interesting actually because as Morgan Stanley comes in heavy into the ETF space where many would say they don’t belong and into crypto in general,
01:14 Speaker A
we have a story of companies going the other way.
01:16 Speaker A
Trump’s Truth Social pulls Bitcoin ETF application from SEC review. So Trump actually, Trump uh media had three ETFs that they were looking to get approved. Bitcoin, Bitcoin ETF, the crypto blue chip ETF, which included Solana, XRP and others.
01:36 Speaker A
Now they said this was because they were moving from the 33 Act to a 40 Act framework, but my friend James Saford over at Bloomberg said the same thing I did. It doesn’t make a ton of sense to me.
01:49 Speaker A
What’s really happening here is that Truth Social who is down the 45.9 million in Q1 alone, mostly on unrealized losses on their crypto holdings. It’s not been going well for this Trump organization with crypto, unlike their others.
02:05 Speaker A
But it’s probably because they know that they can’t compete or come in cheaper than Morgan Stanley. Once Morgan Stanley came in with a Bitcoin spot ETF at 14 bips, nobody else is coming in this market to compete. No smaller entity is going to be able to. It is an absolute wrap for Truth Social and their ETF dreams.
02:27 Speaker A
Morgan Stanley is going to heavily win this race from the bank side.
