Morgan Stanley names Coinbase and BNY as custodians in proposed bitcoin ETF filing update
The Block
Morgan Stanley updated its Bitcoin ETF filing, naming Coinbase Custody and BNY Mellon as custodians.Summary
Morgan Stanley updated its S-1 registration statement for its proposed Bitcoin ETF, the Morgan Stanley Bitcoin Trust, naming Coinbase Custody and the Bank of New York Mellon (BNY) as custodians. BNY is also designated as the administrator, transfer agent, and cash custodian, while Coinbase will serve as the prime broker. The fund aims to track the spot price of bitcoin, a move considered surprising given the bank's limited prior crypto exposure. This development follows Morgan Stanley's recent move to expand its digital asset strategy and comes as existing spot bitcoin ETFs, largely utilizing Coinbase as custodian, have seen record growth.
(Source：The Block)