Morgan Stanley, a global financial service provider, has proposed an amended Bitcoin ETF filing with the U.S. Securities and Exchange Commission.
As per the newly updated S-1 filing on March 18, the company has accepted the ticker MSBT on NYSE Arca. Adding more, the filing highlights that the trust will gain initial Bitcoin (BTC) by issuing 50,000 shares, anticipated to captivate around $1 million in proceeds.
On the other hand, the filing did not reveal prominent information regarding the management fee or expense ratio. Morgan Stanley has confirmed Coinbase Custody and BNY Mellon as it proceeds with custody arrangements, while BNY Mellon will also act as the cash custodian for the trust.
The trust will function as a passive investment vehicle and does not offer direct exposure to the ownership of Bitcoin. Having the initial regulatory hurdles passed, the product is anticipated to go live after the registration statement becomes effective and the last SEC approval is given.
The Further Plans
Morgan Stanley filed for its spot Bitcoin ETF earlier this year along with different filings for different crypto assets, namely Ethereum and Solana. The decision to roll out this product and step into the spot crypto market comes as spot Bitcoin ETFs in the U.S. have seen record-breaking institutional inflows and have even crossed the growth trajectory of gold ETFs in their initial rollout period.
Apart from offering ETF products, the bank is also looking for other Bitcoin-associated product offerings, like yield and lending services. In a latest appearance at the Bitcoin for Corporations conference, digital asset strategy head Amy Oldenburg mentioned that it was a natural part of the roadmap to carry on to explore it.
The bank has also authenticated plans to provide retail trading for Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) via its E-Trade application.
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