What to know:
- Morgan Stanley files second amended S-1, advancing its Bitcoin ETF toward SEC approval.
- The Bitcoin Trust (MSBT) will list on NYSE Arca, with structured share baskets totaling $1 million.
- BNY Mellon and Coinbase confirmed as custodians and prime brokers, ensuring asset management and security.
Morgan Stanley is one step closer to launching its own bitcoin exchange-traded fund (ETF) after filing a second amended S-1 registration statement with the US Securities and Exchange Commission. Morgan Stanley initially filed the ETF in January.
According to the latest filing, on March 17, 2026, the Morgan Stanley Bitcoin Trust will list on NYSE Arca under the symbol MSBT. In addition, the latest filing offers new information on the fund, such as the basket consisting of 10,000 shares and the seed basket consisting of 50,000 shares, which will yield about $1 million. As part of normal procedures, Morgan Stanley bought two shares of the ETF on March 9 for auditing purposes.
In its first amendment filed earlier this month, Morgan Stanley has reaffirmed that BNY Mellon and Coinbase would function as custodians of the fund’s bitcoin assets. BNY Mellon would take charge of cash, administrative, and transfer agent responsibilities, and Coinbase would function as prime broker.
Although the second amendment indicates progress, final approval from the SEC is still awaited. If approved, Morgan Stanley would be the first major US bank to issue and sponsor its own spot bitcoin ETF.
In the meantime, Morgan has also filed an application for a spot Solana ETF in January. However, the banking institution has not yet filed updates for the ETF. It seems the bitcoin ETF is being reviewed faster.
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Morgan Stanley Expands Crypto ETFs
Crypto ETFs are in the early adoption phase. At the DC Blockchain Summit, Amy Oldenburg, Morgan Stanley’s head of digital asset strategy, said that most of the demand is from self-directed accounts, as opposed to advisor-managed accounts. “About 80% of activity on our platform is through self-directed accounts.”
Morgan Stanley has been increasing access to crypto ETFs since 2024, starting with brokerage purchases. Experts believe new SEC guidance indicating that most cryptocurrencies are not securities may help institutions get involved.
Regulatory uncertainty has been the main barrier for banks and asset managers to gain crypto exposure, says Rachael Lucas, crypto analyst at BTC Markets. “Recent clarifications are making that less of an obstacle.
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