Morgan Stanley submits revised document for Bitcoin ETF: supports physical creation and redemption, has raised $1 million in seed funding

According to official documents, Morgan Stanley has submitted an S-1/A amendment for its Bitcoin spot ETF "Morgan Stanley Bitcoin Trust" (MSBT). The document reveals that the trust has raised $1 million in seed funding by selling 50,000 seed shares at a price of $20 per share.

The ETF will explicitly support both cash and physical subscription and redemption models. The disclosed authorized participants, in addition to the usual Virtu Americas and Jane Street, also include Macquarie Capital. Furthermore, Coinbase Custody and Bank of New York Mellon (BNY) jointly serve as Bitcoin custodians, with Bank of New York Mellon also acting as the manager, cash custodian, and transfer agent. The trust is required to pay a fixed trustee fee of $20,000 per year and will not participate in any Bitcoin forks or airdrops.