Morgan Stanley’s Bitcoin ETF Just Got Real: New SEC Filing Reveals the Full Plan

TLDR

• Morgan Stanley filed Amendment No. 1 to its Form S-1 with the SEC on March 4 for a spot Bitcoin ETF
• The fund, called the Morgan Stanley Bitcoin Trust, will list on NYSE Arca once approved
• Coinbase Custody will store Bitcoin in offline cold storage; BNY Mellon will handle cash custody
• The trust will track Bitcoin’s price using the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate
• Shares will be created and redeemed through authorized participants using cash or Bitcoin

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Morgan Stanley, one of Wall Street’s oldest banks, has taken another step toward launching its first Bitcoin exchange-traded fund (ETF). The firm filed an amendment to its registration statement with the U.S. Securities and Exchange Commission on March 4.

The filing is for the Morgan Stanley Bitcoin Trust. It is designed to track the price of Bitcoin, not to generate returns beyond that.

Morgan Stanley Investment Management, a subsidiary of the bank, is listed as the delegated sponsor. The firm will manage and oversee the trust’s day-to-day operations.

The bank originally filed with the SEC in January 2026, alongside a separate filing for a Solana ETF. The March amendment adds more structural detail to the Bitcoin fund.

According to the filing, the trust will not use leverage, derivatives, or any similar tools. It will simply hold Bitcoin and value its shares daily based on a pricing benchmark.

Custody and Storage

Two companies will handle the safekeeping of assets. Coinbase Custody Trust Company will store Bitcoin in offline cold storage vaults, keeping private keys disconnected from the internet to reduce the risk of cyber theft.

The Bank of New York Mellon will serve as cash custodian and administrator. Neither custodian is FDIC-insured, but private insurance is in place, though it is shared across customers.

The trust will price its Bitcoin holdings using the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. This benchmark is calculated from aggregated trading activity across major Bitcoin spot exchanges.

How Shares Will Work

Shares will be created and redeemed through authorized participants. These are financial institutions that help maintain liquidity for ETFs.

Participants can deposit either cash or Bitcoin in exchange for baskets of shares. Redemptions work in reverse. Coinbase Inc. will act as the prime execution agent for Bitcoin purchases and sales tied to these transactions.

Shares are expected to trade on NYSE Arca once the SEC completes its review and the registration statement becomes effective.

Morgan Stanley is among a growing number of traditional financial firms seeking to offer Bitcoin exposure through regulated investment products.

The bank’s filing does not include a launch date. The trust will remain pending until the SEC formally approves the registration.

Coinbase plays a dual role in the fund — both as the custody provider through Coinbase Custody Trust Company and as the execution agent through Coinbase Inc.

The amendment confirms the trust is a passive vehicle and will not attempt to time the market or profit from short-term price movements in Bitcoin.

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