Morgan Stanley submits a revised application for a Bitcoin ETF, with stocks set to be listed on the NYSE Arca exchange
This Tuesday, Morgan Stanley submitted the second revised S-1 registration statement for a Bitcoin spot ETF application to the SEC, confirming that it will be listed on the NYSE Arca exchange under the stock code MSBT.
The document indicates that the subscription and redemption unit is 10,000 shares, with an initial seed fund subscription unit of 50,000 shares, expected to raise approximately $1 million. For auditing purposes, Morgan Stanley purchased two shares of the ETF on March 9.
In terms of custodial arrangements, the fund will be jointly custodied by Coinbase Custody and BNY Mellon, with BNY Mellon serving as cash custodian, manager, and transfer agent, while Coinbase will act as the primary broker.
Once this application is approved, Morgan Stanley will also become the first major bank in the United States to directly issue and sponsor a Bitcoin spot ETF. In fact, as early as the beginning of this year, Morgan Stanley has been quite active;
the bank first submitted applications for Ethereum and Solana ETFs, and then planned to provide cryptocurrency trading services for retail customers through its E*Trade division, demonstrating Morgan Stanley's ambitious and proactive positioning in the cryptocurrency field.
In summary, if Morgan Stanley's MSBT Bitcoin ETF application is approved, it will not only open new avenues for its own business expansion but may also inject new vitality into the development of the U.S. cryptocurrency market, promoting further standardization and scaling of the industry.