Morgan Stanley Names Bitcoin Trust, Expands BNY Mellon Role to Crypto Custody

Key Facts

1Morgan Stanley selected BNY Mellon to act as administrator, transfer agent, and cash custodian for its proposed Bitcoin Trust.

2Coinbase has been tapped for custody services in the proposed Bitcoin ETF structure.

Morgan Stanley has officially named its proposed spot Bitcoin investment vehicle the 'Morgan Stanley Bitcoin Trust' in an updated regulatory filing. The latest amendment clarifies that BNY Mellon will now serve as a Bitcoin custodian alongside Coinbase, significantly expanding its previous role as administrator and cash custodian. This dual-custody arrangement is designed to enhance the security and institutional robustness of the trust's digital asset holdings. To ensure maximum protection, the trust will utilize offline cold storage technology to secure the vast majority of its Bitcoin assets. The filing underscores Morgan Stanley's commitment to meeting stringent regulatory standards by leveraging established financial institutions alongside specialized crypto infrastructure. By integrating BNY Mellon and Coinbase in these critical roles, the bank aims to provide a high level of transparency and safety for institutional investors.

8 months ago

Version History

Version 28 months ago

What changed: The update identifies the fund as the 'Morgan Stanley Bitcoin Trust' and notes that BNY Mellon will now share Bitcoin custody duties with Coinbase, specifically highlighting the use of offline cold storage.

Version 18 months ago

What changed: Morgan Stanley advanced its Bitcoin ETF application by filing an S-1 amendment on March 4, formally designating Coinbase as a co-custodian in the regulatory documentation.