I just saw that Morgan Stanley is also launching a Bitcoin trust, with custodianship handled by Bank of New York Mellon and Coinbase Custody. Interestingly, they directly took BlackRock's iShares Bitcoin Trust as a model; IBIT initially also used Coinbase for custody, and later added Anchorage Digital as a backup. It seems that major institutions now trust Coinbase's custody capabilities. Wall Street folks started taking action as early as January, first with Bitcoin ETFs, then applying for Ethereum and Solana ETFs as well—things are moving pretty fast. However, they didn't disclose who exactly would be custodians at the time; only now are the details being revealed. This combination (Bank of New York Mellon + Coinbase) appears to aim for a balance between traditional finance and crypto. What do you think—is more and more institutions leaning in this direction?

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