Wall Street giant Morgan Stanley has once again submitted a revised S-1 filing for its planned spot Bitcoin Exchange-Traded Fund (ETF), disclosing key information such as seed capital, counterparties, and listing plans, signaling an acceleration in the listing process for the product under the ticker MSBT.
According to the latest filing, Morgan Stanley has confirmed Jane Street, Virtu Americas, and Macquarie Capital as authorized participants for the ETF. These participants will be responsible for creating or redeeming large blocks of ETF shares and will leverage arbitrage opportunities between the spot Bitcoin price and the ETF share price, thereby effectively maintaining the ETF's price closely pegged to Bitcoin's actual value.
Marcin Kazmierczak, co-founder of RedStone, commented, "Morgan Stanley's move is a shift from distributing BlackRock's IBIT to issuing its own product, aiming to directly collect management fees rather than just earning distribution commissions." He added that Morgan Stanley's vast network of 15,000 financial advisors will provide strong distribution capabilities for the ETF.
This move further validates the trend of major U.S. financial institutions actively expanding their cryptocurrency-related products and services, offering investors more channels to access digital assets.