TL;DR:
- Morgan Stanley filed its second S-1 amendment with the SEC for a spot Bitcoin ETF, to be listed under the ticker MSBT on NYSE Arca.
- The fund will use Coinbase Custody for cold storage of Bitcoin and BNY Mellon as cash custodian and transfer agent.
- The bank also has ETFs for Ethereum and Solana in process, the latter with a staking component that will distribute quarterly returns to shareholders.
Morgan Stanley filed its second amendment to the S-1 form with the U.S. Securities and Exchange Commission (SEC), seeking to accelerate its transition from a distributor of third-party crypto products to a direct issuer. The document updates the application for the Morgan Stanley Bitcoin Trust, which would trade under the ticker MSBT on NYSE Arca.
The most recent version of the filing confirms the operational decisions that had remained open. The share price will be calculated daily using the CoinDesk Bitcoin Benchmark, based on the 4:00 PM New York settlement rate. Custody was divided between two institutions: Coinbase Custody will handle the physical cold storage of Bitcoin, while Bank of New York Mellon will assume the roles of cash custodian, administrator, and transfer agent. The fund will allow both cash and in-kind creations and redemptions, a structure designed for institutional clients.
Morgan Stanley Joins the Line: The SEC Has Over 126 Pending Applications
The financial logic is straightforward: by issuing its own ETF instead of channeling clients toward products such as BlackRock’s IBIT, the bank captures the management fees rather than earning distribution commissions. The fund’s expense ratio is estimated to land between 0.20% and 0.30%. The firm’s more than 15,000 financial advisors reportedly received authorization starting in early 2026 to proactively recommend Bitcoin ETFs to clients. Morgan Stanley manages approximately $1.8 trillion in wealth management assets.
Wall Street Bets on Multi-Asset Digital
In January 2026, the firm filed applications for a spot Ethereum ETF and for the Morgan Stanley Solana Trust, both with staking components. The Solana Trust plans to delegate a portion of its holdings to external providers, distributing the rewards to net asset value at least quarterly. The Ethereum Trust will follow a similar structure, differentiating itself from earlier products that launched without staking.
The SEC has accumulated more than 126 pending crypto ETF applications as of March 2026. Goldman Sachs acquired issuer Innovator for $2 billion in 2025. Merrill Lynch authorized its advisors to recommend Bitcoin ETFs in January 2026. Eight XRP ETF applications are awaiting resolution, and analysts estimate their approval could mobilize between $5 billion and $7 billion immediately.
