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Morgan Stanley files amended S-1 for spot Bitcoin ETF

  • Morgan Stanley filed an amended S-1 with the SEC for its proposed spot Bitcoin ETF.
  • The filing names Coinbase Custody and BNY Mellon as the trust's custodians.
  • The fund seeks to track the price of Bitcoin, as measured by the CoinDesk Bitcoin Benchmark.
Morgan Stanley files amended S-1 for spot Bitcoin ETF
Michael EbiekutanMichael EbiekutanFXStreet

Morgan Stanley submitted an amended S-1 filing to the US Securities and Exchange Commission (SEC) on Wednesday, providing additional details on its proposed Bitcoin (BTC) exchange-traded fund (ETF).

Morgan Stanley submits amended S-1 filing to launch Bitcoin ETF

Morgan Stanley has filed an amended registration statement with the US SEC as it advances plans to launch a spot Bitcoin ETF. The investment bank submitted an updated Form S-1 on Wednesday for the proposed Morgan Stanley Bitcoin Trust, outlining operational details including custody arrangements and fund structure.

The proposed trust is structured as a passive investment vehicle that provides exposure to Bitcoin's price. According to the filing, the trust would hold Bitcoin directly rather than relying on derivatives or futures contracts.

Morgan Stanley noted that the fund aims to track the CoinDesk Bitcoin Benchmark 4 PM NY Settlement Rate. Additionally, it will list shares on the NYSE Arca upon approval.

Under the proposal, Coinbase Custody Trust Company would serve as the Bitcoin custodian. The filing states that assets would be held in segregated accounts, primarily in cold storage. Coinbase would also provide prime brokerage services, including trade execution.

Meanwhile, BNY Mellon would serve multiple roles, including administrator, transfer agent, and cash custodian. The filing indicates that creations and redemptions may occur in-kind or in cash by authorized participants.

Morgan Stanley Investment Management Inc., a subsidiary of the bank, would act as the sponsor and oversee day-to-day operations.

The filing also outlines risks, including Bitcoin's price volatility, cybersecurity threats, regulatory uncertainty, and reliance on third-party service providers.

The amended statement follows Morgan Stanley's initial filing in January. If approved by the SEC, the proposed trust would add to the growing lineup of spot Bitcoin ETFs available to US investors.

Bitcoin is trading around $73,300, up nearly 8% over the past 24 hours as of writing on Wednesday.

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