Morgan Stanley eyes the spot bitcoin ETF market
Morgan Stanley has filed to launch the Morgan Stanley Bitcoin Trust, a spot bitcoin exchange-traded fund, with the SEC.Summary
Wall Street firm Morgan Stanley has positioned itself to enter the spot bitcoin ETF market by submitting a Form S-1 registration statement to the US Securities and Exchange Commission (SEC) on January 6th. The proposed product, named the Morgan Stanley Bitcoin Trust, is designed as a passive exchange-traded fund intended to track the price of bitcoin directly, net of fees, rather than using derivatives or leverage. The Trust will be sponsored by Morgan Stanley Investment Management and will hold actual bitcoin, with its net asset value calculated daily based on a benchmark derived from major spot exchanges. Shares are expected to list on a national securities exchange, though the ticker symbol is undisclosed. Retail investors will trade these shares on the secondary market, while creation and redemption will occur in large blocks, either in cash or in kind, through authorized participants and third-party bitcoin counterparties.
(Source：CoinDesk)