Morgan Stanley filed an S-1 registration with the SEC to launch Bitcoin Trust and Solana Trust, marking a shift from distribution channel to direct issuance of digital asset products.
Traditional finance is entering a new chapter in the integration of digital assets, as major institutions are no longer merely intermediaries but are becoming product creators. A recent report from Binance Research indicates that early 2026 marks this strategic shift, driven not by price volatility but by the development of sustainable institutional demand infrastructure.
From intermediary to issuer
Morgan Stanley's move to file for registration with the US Securities and Exchange Commission to launch Bitcoin Trust and Solana Trust is seen by Binance Research as a significant turning point. This is the first time a leading bank has entered the cryptocurrency market as a direct product issuer rather than just a distribution channel.
This transformation not only reflects a deeper commitment from traditional finance but also increases competitive pressure on other systemically important organizations in the sector.
However, the report also points out existing challenges. Although global liquidity is increasing, the digital asset market still faces short-term pressure due to a lack of stable demand from institutional investors equivalent to physical commodity supply chains. This explains why the market's response to organizational information remains relatively muted, in contrast to the industrial metals market where demand is supported by actual consumption in production.
The medium-term outlook brings more positive signals as analysts from Binance Research expect demand to expand through the participation of sovereign entities.
Legislative discussions in the US regarding the establishment of a strategic cryptocurrency reserve fund, along with interest from some emerging economies in incorporating Bitcoin into national reserves, are seen as a potentially transformative process. This represents the complete transition of cryptocurrency from a speculative tool to a strategic financial resource.
Data from Bitcoin Treasuries indicates that government entities currently hold approximately 647,000 BTC. By mid-2025, over 15 percent of the total Bitcoin supply will be owned by state agencies, businesses, and other organizations, demonstrating the strong ongoing process of institutionalization.
This shift aligns with the broader trend of capital reallocation identified by Binance Research in the report. As the dominance of American tech giants diminishes and the demand for diversification increases, digital assets are increasingly viewed by institutional investors as a component of long-term investment strategies rather than short-term speculative tools. This momentum promises to create a more solid foundation for the cryptocurrency market in the coming years.
