Morgan Stanley names Coinbase and BNY as custodians in proposed bitcoin ETF filing update

Morgan Stanley has updated its Securities and Exchange Commission filing for its proposed exchange-traded product on Tuesday, naming Coinbase Custody and the Bank of New York Mellon (BNY) as custodians. 

The amended S-1 registration statement also names BNY as administrator, transfer agent, and cash custodian for the fund and Coinbase as the prime broker.

Like other bitcoin ETFs, the Morgan Stanley Bitcoin Trust will track the spot price of bitcoin. Analysts, however, previously described the move as a “shocker” given the bank’s limited exposure to crypto to date. 

Moreover, Morgan Stanley manages roughly 20 ETFs, but only two currently carry the Morgan Stanley name, The Block previously reported. 

The bank, ranked sixth in the U.S. by total assets, also previously filed to list the Morgan Stanley Solana Trust. The Solana fund’s S-1 does not appear to have been updated at publication time. 

Coinbase serves as the primary custodian for most U.S. spot bitcoin ETFs, with Fidelity as the notable outlier. These funds have been some of the fastest-growing financial products on record, with BlackRock’s IBIT bitcoin trust setting several AUM milestones since listing in January 2024.

Earlier this year, Morgan Stanley veteran executive Amy Oldenburg was tapped to expand the firm’s digital asset strategy in a newly created role.