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Morgan Stanley Files for Spot Bitcoin ETF Registration
Source: CryptoNewsNet Original Title: Morgan Stanley eyes the spot bitcoin ETF market Original Link: Morgan Stanley has filed a registration statement with the US Securities and Exchange Commission, positioning itself to launch a spot bitcoin exchange-traded fund (ETF), according to a Form S-1 submitted on Jan. 6.
The product, called the Morgan Stanley Bitcoin Trust, is structured as an exchange traded fund designed to track the price of bitcoin, net of fees and expenses. If approved, the fund’s shares are expected to list on a national securities exchange under a ticker symbol that has not yet been disclosed.
The Trust is sponsored by Morgan Stanley Investment Management and will hold bitcoin directly rather than using derivatives or leverage. Its net asset value will be calculated daily using a designated bitcoin pricing benchmark derived from activity on major spot exchanges. The fund will be passive and will not attempt to trade bitcoin based on market conditions.