Morgan Stanley has filed a second amended S-1 with the U.S. Securities and Exchange Commission for its proposed spot bitcoin ETF, adding more detail to the application and confirming the ticker symbol MSBT.

Filing details

The amended registration statement says the Morgan Stanley Bitcoin Trust is set to list on NYSE Arca.

It also outlines a basket size of 10,000 shares and an initial seed basket of 50,000 shares, which is expected to raise about $1 million.

Morgan Stanley said it purchased two shares of the fund on March 9 for auditing purposes.

Custody and structure

Earlier amendments showed that BNY Mellon and Coinbase would handle key roles for the trust.

BNY Mellon is slated to serve as cash custodian, administrator, and transfer agent, while Coinbase would act as prime broker and custodian for the fund’s bitcoin.

The fund would hold bitcoin directly rather than using derivatives or leverage, joining a growing field of products tied to U.S. spot Bitcoin ETF holdings.

Approval race

The filing marks another step forward for Morgan Stanley’s bitcoin ETF application first submitted in January, though it does not guarantee SEC approval.

If approved, Morgan Stanley would become the first major U.S. bank to directly sponsor and issue its own spot bitcoin ETF.

Adoption still early

Morgan Stanley executive Amy Oldenburg said this week that crypto ETF adoption remains in an early phase, especially among financial advisors.

Oldenburg said:

“Even the distribution of these ETFs, about 80% of what we see on our platform, is coming through the self-directed business.”

Her comments came as U.S. bitcoin ETF flows remain a key gauge of institutional demand.

Morgan Stanley began allowing brokerage clients to buy spot bitcoin ETFs in 2024 and has gradually widened access since then.