Morgan Stanley's latest filing for its spot Bitcoin ETF (S-1/A) with the U.S. Securities and Exchange Commission (SEC) was updated on March 4, 2026, officially designating BNY Mellon as the cash custodian. The filing also lists BNY Mellon and Coinbase Custody Trust Company as the Bitcoin custodians.
This updated filing follows Morgan Stanley's initial submission of the S-1 registration statement on January 6, 2026. The March 4 amendment primarily adjusts the ETF's operational infrastructure, particularly the disclosure of custodian information, signaling Morgan Stanley's active efforts in building the backend services for its Bitcoin ETF product.
The appointment of custodians is crucial for ETF approval.
For a new U.S. spot Bitcoin ETF to be successfully listed and traded, the issuer must clear two regulatory hurdles: first, the registration statement (S-1) must become effective; second, the exchange where the ETF is planned to be listed must receive separate SEC approval for a rule 19b-4 proposal. The designation of custodians is a key step in completing the first hurdle.
SEC Approval Still Pending.
Despite Morgan Stanley's updated filing, the Morgan Stanley Bitcoin Trust Fund has not yet received trading approval. As of the filing date, the SEC has not issued any orders approving the listing and trading of the fund's shares.
Some early reports described the March 4 document as the "second amendment" to the registration statement. However, SEC records indicate that the original S-1 file was submitted on January 6, 2026, with only one S-1/A amendment made on March 4. Currently, no other amendment filings have been confirmed besides this revision.
Subsequent steps that still need to be completed include: the S-1 statement must become effective, which typically requires review by SEC staff and potentially further amendments. Additionally, the exchange seeking listing must submit its rule 19b-4 change proposal and obtain approval. According to public records, neither of these milestones has been reached yet.