Morgan Stanley Selects BNY, Coinbase As Custodians for BTC ETF
Summary
Financial services firm Morgan Stanley has selected Bank of New York (BNY) Mellon and crypto exchange Coinbase to act as custodians for its Bitcoin Trust Exchange-Traded Fund (ETF), according to a recent SEC filing. The custodians will hold the fund's Bitcoin primarily in cold storage, with some moving to hot wallets temporarily for creation and redemption processes. BNY Mellon is chartered as a New York state bank, while Coinbase Custodian is a New York state limited liability trust company, both providing custody and trade execution services for digital assets. This move by Morgan Stanley, which also filed for a spot SOL ETF, reflects growing institutional adoption of crypto, even as BTC trades significantly below its all-time high. An advisor noted that launching this ETF establishes Morgan Stanley's presence in the crypto sector, potentially attracting talent and signaling significant untapped interest in digital assets for new customers.
(Source:Cointelegraph)