Overview
- Morgan Stanley filed an amended S-1 on March 4 detailing its proposed Bitcoin Trust, naming Coinbase Custody Trust Company and BNY Mellon as the fund’s bitcoin custodians.
- BNY Mellon is also set to serve as administrator, transfer agent and cash custodian, handling accounting, shareholder records and cash flows.
- The trust is designed to hold bitcoin directly with most assets kept in offline cold storage, allowing limited transfers to trading wallets during creations and redemptions, and custody insurance is private, shared across clients and not FDIC coverage.
- Net asset value would be calculated using the CoinDesk Bitcoin Benchmark 4PM New York Settlement Rate to provide a transparent daily pricing reference.
- Trading approval has not been granted, shares are expected to list on NYSE Arca if cleared, and Morgan Stanley is concurrently advancing a Solana filing, a national trust bank charter and in-house crypto services outlined by digital assets lead Amy Oldenburg.