Morgan Stanley Seeks Approval To Launch Ethereum ETF

(MENAFN- Yolo Wire) Wall Street investment bank Morgan Stanley (NYSE: $MS) has filed with the U.S Securities and Exchange Commission to launch a new Ethereum (CRYPTO: $ETH) exchange-traded fund (ETF).

Specifically, Morgan Stanley is seeking to launch an Ethereum Trust that will track the spot price of the second largest cryptocurrency by market capitalization.

News of the Ethereum ETF comes days after the Wall Street firm sought regulatory approval to launch spot Bitcoin (CRYPTO: $BTC) and Solana (CRYPTO: $SOL) ETFs.

Morgan Stanley is seeking to capitalize on the rapid growth of cryptocurrency ETFs in the U.S., which now number about two dozen.

Ted Pick, the chief executive officer (CEO) of Morgan Stanley, has said that the investment bank needs to respond to customer demands related to cryptocurrencies.

Morgan Stanley, which operates a sizable wealth management unit for high-net-worth individuals, is among several Wall Street firms that are wading into crypto.

The investment bank first opened cryptocurrency access to its clients last October via its wealth management unit.

Morgan Stanley's stock has risen 48% over the last 12 months to trade at $187.75 U.S. per share.

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