Morgan Stanley Will Use Coinbase and BNY to Power Its New Bitcoin ETF

Morgan Stanley has revealed in an amended SEC filing that it intends to utilize Coinbase Custody Trust Company and BNY Mellon for key roles in its proposed spot Bitcoin exchange-traded fund, the Morgan Stanley Bitcoin Trust. Coinbase and BNY will serve as bitcoin custodians, responsible for securing the fund's digital assets and managing transfers related to share creation and redemption. Additionally, BNY will act as the administrator, transfer agent, and cash custodian. The ETF is structured as a passive vehicle that will directly hold bitcoin, offering investors exposure through brokerage accounts. Most assets will be kept in offline cold-storage vaults to mitigate cyber threats. This move aligns with Morgan Stanley's expanding crypto strategy, as the firm seeks to allow clients on its E*Trade platform to trade spot cryptocurrencies and is pursuing a national trust bank charter to hold digital assets directly.

(Source：Bitcoin Magazine)