Morgan Stanley outlines custody structure for proposed Bitcoin ETF
CoinDesk
Morgan Stanley's proposed Bitcoin Trust will use Coinbase Custody and BNY Mellon for bitcoin custody and other administrative roles.Summary
Morgan Stanley has filed an S-1 prospectus with the SEC detailing the structure of its proposed Bitcoin Trust, which plans to use Coinbase Custody and the Bank of New York Mellon (BNY Mellon) to safeguard its bitcoin holdings. Both institutions will serve as the trust’s bitcoin custodians, storing the digital assets and managing transfers for share creations and redemptions, utilizing offline cold storage primarily. BNY Mellon will also handle additional roles, including fund administration, transfer agency, and cash custody. The ETF is designed as a passive vehicle tracking bitcoin's price directly, and it will calculate its net asset value using the CoinDesk Bitcoin Benchmark 4PM New York Settlement Rate.
(Source：CoinDesk)