Breaking: Morgan Stanley Amends SEC Filing for First Bank Bitcoin ETF Under Ticker MSBT
Highlights
- Morgan Stanley amended its Bitcoin ETF filing with the U.S. SEC as launch nears.
- The issuer announces MSBT as ticker as it plans to launch on NYSE Arca.
- Bitcoin tumbles as Bitcoin ETF advances for SEC approval.
Morgan Stanley has amended its Bitcoin ETF filing with the U.S. Securities and Exchange Commission (SEC). This marks the first Bitcoin ETF by any US bank, with plans to launch under ticker MSBT on NYSE Arca.
Morgan Stanley Amends Bitcoin ETF
Wall Street giant Morgan Stanley submitted a second S-1 amendment for its Bitcoin ETF, according to a US SEC filing dated March 18. The Bitcoin ETF aims to generate returns by tracking the price of BTC, giving investors direct exposure to the leading crypto asset.
In the latest filing, the issuer revealed that Morgan Stanley Bitcoin ETF is set to trade under the ticker MSBT on NYSE Arca. The amendment marks key progress and brings the Wall Street giant closer to launching the first Bitcoin ETF by a major U.S. bank, while the CLARITY Act remains stalled in the US Senate.
Recently, the issuer selected Coinbase Custody and BNY Mellon as custodians. BNY Mellon will also serve as cash custodian for the trust. The filing also revealed an initial seed creation basket of 50,000 shares, expected to generate around $1 million in proceeds to acquire actual Bitcoin before the Bitcoin ETF’s listing and trading commence.
Bitcoin Tumbles as ETF Filing Advances for SEC Approval
The Morgan Stanley Bitcoin ETF has not yet disclosed its management fee or other details. Under the SEC’s generic listing standards, the Bitcoin ETF could become effective in the coming weeks.
As CoinGape reported, Morgan Stanley filed for Bitcoin ETF, along with Ethereum and Solana ETFs, earlier this year. The banking giant is going all-in on crypto with plans to roll out crypto trading for its retail customers through its E-trade division this year.
Morgan Strategy Digital Trust even applied for a crypto-focused national trust bank with the OCC. If approved, Morgan Stanley joins Crypto com, Ripple, and Circle with bank charters.
Bitcoin fell 5% in the past 24 hours after the US Fed held its rate steady, with the price currently trading at $70,166. The 24-hour low and high are $69,510 and $74,279, respectively. Trading volume has increased by 33% over the past 24 hours.
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