Morgan Stanley Picks Coinbase for Bitcoin Trust Custody
Morgan Stanley's Bitcoin Trust filing has taken a significant step forward as the bank has chosen Coinbase Custody Trust Company to serve as its Bitcoin custodian. The trust will hold Bitcoin directly and track its price using the CoinDesk Bitcoin Benchmark 4 PM New York Settlement Rate.
The filing outlines a custody structure that aligns with institutional standards, primarily storing assets in offline cold-storage vaults to reduce hacking risks. BNY Mellon has been appointed as the administrator and transfer agent, handling the fund's accounting and shareholder services.
This development marks a significant milestone for Morgan Stanley, which filed its initial application on January 6 and also applied for a national trust bank charter to hold cryptocurrencies directly for its institutional clients.