Morgan Stanley is transitioning from a distributor of third-party crypto products to a direct issuer and platform provider. And, it is going to become the first U.S. bank to issue an ETF directly. In March 2026, the firm filed an amended S-1 for its own spot Bitcoin ETF. That filing landed one month after the bank applied to the OCC for a federally chartered crypto trust subsidiary. Beyond Bitcoin, they are also focusing on yield and filed for Ethereum and Solana ETFs in January 2026. [FILING]