Morgan Stanley Files Bitcoin Trust With Coinbase and BNY Mellon as Custodians

Morgan Stanley amended the registration for its proposed Bitcoin Trust, naming Coinbase Custody Trust Company and The Bank of New York Mellon as bitcoin custodians for a planned spot bitcoin exchange-traded product, according to its updated Form S-1. The trust will list on NYSE Arca, track the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate, and hold bitcoin directly without leverage or derivatives. Under the filing, BNY will serve as administrator, transfer agent and cash custodian, while Coinbase will act as prime broker, with authorized participants able to create and redeem shares in cash or in kind.