One missing piece remains the fee. The filing outlines a unitary “delegated sponsor fee,” but the exact percentage is still redacted, leaving investors waiting to see how aggressively Morgan Stanley plans to compete on cost.
The operational backbone leans heavily on established players. Custody will be handled by Coinbase Custody Trust Company and the Bank of New York Mellon, with the majority of assets stored in offline cold storage systems designed to reduce hacking risks.
For now, the trust remains in regulatory limbo. The SEC must declare the registration effective, and NYSE Arca must approve the listing before shares can begin trading. Until then, MSBT sits in that familiar pre-launch state: fully designed, widely discussed, and waiting on Washington.
FAQ What is the Morgan Stanley Bitcoin Trust (MSBT)?A proposed spot bitcoin ETF designed to track bitcoin’s price through direct holdings of the asset. Has the MSBT ETF been approved yet?No, it still requires SEC approval and exchange listing authorization before trading can begin. Who will custody the bitcoin for MSBT?Coinbase Custody Trust Company and the Bank of New York Mellon will hold the assets. What makes MSBT different from other bitcoin ETFs?It represents a major U.S. bank issuing its own spot bitcoin ETF rather than relying on third-party products.
