Morgan Stanley moves to issue a Bitcoin ETF… selects BNY and Coinbase as custodians
Summary
- Morgan Stanley reportedly filed an S-1 registration statement with the U.S. SEC for a Bitcoin ETF, the “Morgan Stanley Bitcoin Trust.”
- The ETF’s bitcoin custodians were reportedly selected as Coinbase and Bank of New York Mellon (BNY Mellon).
- Morgan Stanley’s bitcoin ETF is said to be structured to track the price by directly holding actual bitcoin without derivatives or leverage.
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Global investment bank (IB) Morgan Stanley has selected Coinbase and Bank of New York (BNY) Mellon as custodians for its Bitcoin (BTC) holdings.
On the 4th (local time), CoinDesk reported that Morgan Stanley recently filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to launch the bitcoin ETF “Morgan Stanley Bitcoin Trust.” CoinDesk said, “The fund plans to use Coinbase Custody and Bank of New York Mellon to safeguard its bitcoin holdings,” adding, “The two institutions will hold the digital assets and process transfers related to share creation and redemption.”
Bank of New York Mellon will serve not only as the bitcoin custodian but also as the fund administrator and cash custodian. Specifically, it is expected to handle accounting for the Morgan Stanley bitcoin ETF, shareholder recordkeeping, and cash-flow management.
Meanwhile, the Morgan Stanley bitcoin ETF is designed to track the price by holding bitcoin directly. In other words, it is an ETF structured to hold actual bitcoin without derivatives or leverage.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
