Morgan Stanley has filed a second amended S-1 with the U.S. Securities and Exchange Commission (SEC) to launch its spot Bitcoin ETF.
The update adds operational details and signals progress in the bank’s application, even though approval is still uncertain.
Morgan Stanley Adds Structure to Bitcoin ETF Filing
In its filing, the bank outlined plans for an initial seed basket of 50,000 shares, which is expected to raise about $1 million. Earlier in the month, the bank revealed that it had undertaken another routine step in ETF preparation, buying a couple of the fund’s shares for auditing purposes.
In its previous amendment, the investment giant disclosed that it had roped in BNY Mellon and Coinbase as key service providers, with the former acting as its cash custodian, administrator, and transfer agent, while the latter will serve as prime broker and custodian for the fund’s BTC holdings. Additionally, the filing also confirmed that if approved, the proposed BTC ETF will trade on t
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