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Morgan Stanley Plans Spot Bitcoin ETF with Coinbase and BNY Mellon Custody

Morgan Stanley has outlined plans for a spot Bitcoin ETF called Morgan Stanley Bitcoin Trust that will hold Bitcoin directly and track its price, with Coinbase Custody Trust Company and BNY Mellon engaged for custody and administrative roles, according to an updated SEC filing. The filing states that most of the Bitcoin backing the passive vehicle will be stored offline in cold storage by Coinbase and BNY Mellon, while some assets may temporarily sit in trading accounts during net creation and redemption to let authorized participants swap cash and Bitcoin. The document notes that custody insurance is shared among clients in line with industry practice, and BNY Mellon will handle cash, shareholder records, and transfer oversight. Morgan Stanley, which first filed for the trust in January, has also signaled plans to let E*Trade users trade spot cryptocurrencies and has applied for a national trust bank charter to support direct cryptocurrency holdings for institutional clients.
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