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I just saw Morgan Stanley's new move regarding Bitcoin fund custody, and this Wall Street giant has finally confirmed its partner.
As early as January this year, they submitted S-1 registration documents for a spot Bitcoin ETF, and Morgan Stanley explicitly stated in the latest revised version that they plan to arrange multiple custodians for their Bitcoin trust. These include Bank of New York Mellon (BNYM) and Coinbase Custody Trust Company. This combination is quite interesting—one is a traditional financial veteran custodian, and the other is a crypto-native professional custodian.
This dual-custody model already has precedents in the Bitcoin ETF space. BlackRock's iShares Bitcoin Trust (IBIT) initially used Coinbase for custody, but in April last year, Anchorage Digital was added as a second custodian. At the same time, BNYM also plays a role in BlackRock's Bitcoin fund, handling cash custody and administrative management.
It seems that traditional financial institutions tend to adopt a multi-party custody strategy when entering the Bitcoin ETF field. This not only diversifies risk but also combines the compliance advantages of traditional finance with the technical capabilities of crypto-native institutions. Morgan Stanley's move is quite a cautious step.
By the way, Morgan Stanley has also applied for Ethereum and Solana ETF registrations, indicating that this giant is truly aiming for a comprehensive layout in the crypto asset space.