Morgan Stanley has named Coinbase and BNY Mellon to play major roles in the custody and administration of its proposed spot bitcoin exchange-traded fund according to an amended filing submitted to the United States Securities and Exchange Commission.
The document outlines the structure of the planned Morgan Stanley Bitcoin Trust which aims to provide investors with regulated exposure to bitcoin through traditional brokerage accounts.
Coinbase Custody Trust Company and BNY Mellon are expected to operate as the fund’s bitcoin custodians responsible for securely storing the digital assets backing the exchange-traded product.
These custodians would also handle transfers of bitcoin that occur when shares of the trust are created or redeemed by authorised market participants.
BNY Mellon is additionally assigned the roles of administrator, transfer agent and cash custodian for the proposed investment vehicle.
These responsibilities include maintaining the trust’s accounting records, managing shareholder data and overseeing cash transactions connected to the fund.