Morgan Stanley Investment Management Inc., a subsidiary of investment giant Morgan Stanley, filed Amendment No. 1 to its Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) on March 4 for the Morgan Stanley Bitcoin Trust, advancing plans to launch a spot bitcoin exchange-traded fund (ETF) designed to track the digital asset’s market price.

“The Morgan Stanley Bitcoin Trust is an exchange-traded fund that issues common shares of beneficial interest that are anticipated to be listed on NYSE Arca, Inc.,” the filing details. “The Trust is a passive investment vehicle that does not seek to generate returns beyond tracking the price of bitcoin.”

The filing further explains that the delegated sponsor will not attempt to profit from short-term market movements by selling bitcoin at high prices or buying at lower levels in anticipation of future gains. The delegated sponsor, Morgan Stanley Investment Management, is responsible for managing and administering the trust, including overseeing its operations, coordinating service providers, and implementing the fund’s investment strategy. The document adds:

“It also means the trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective … In seeking to achieve its investment objective, the trust will hold bitcoin and will value its shares daily based on the pricing benchmark.”

The amendment also identifies key service providers supporting the trust’s operations. Coinbase Custody Trust Company and The Bank of New York Mellon will safeguard the trust’s assets, with Coinbase responsible for storing bitcoin in offline cold storage while BNY Mellon will serve as cash custodian and administrator. The filing confirms the trust will measure bitcoin’s performance using the Coindesk Bitcoin Benchmark 4PM NY Settlement Rate, a pricing benchmark calculated from aggregated trading activity across several major bitcoin spot exchanges to reflect bitcoin’s value in U.S. dollars and determine the fund’s daily net asset value.

Additional disclosures outline how shares will be created and redeemed through authorized participants, financial institutions that facilitate liquidity for exchange-traded funds. These participants may deposit cash or bitcoin in exchange for baskets of shares, while redemptions occur through the reverse process. Coinbase Inc. will act as a prime execution agent responsible for facilitating bitcoin purchases and sales tied to these transactions. Shares are expected to trade on NYSE Arca once the registration statement becomes effective, pending review by the SEC.

• Why does Morgan Stanley’s bitcoin ETF filing matter for investors?
  It signals growing institutional demand for regulated bitcoin investment products from major Wall Street firms.
• How will the Morgan Stanley Bitcoin Trust track bitcoin’s price?
  The fund will hold bitcoin directly and value its shares using the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate.
• Who will safeguard the bitcoin held by the trust?
  Coinbase Custody Trust Company will store bitcoin in cold storage while BNY Mellon will handle cash custody and administration.
• When could Morgan Stanley’s bitcoin ETF begin trading?
  Shares are expected to list on NYSE Arca after the SEC approves the registration statement.

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