Morgan Stanley advances Bitcoin ETF application: S-1 amendment has been submitted, with the ticker symbol MSBT.

Gate News, March 20 — Investment banking giant Morgan Stanley has submitted a second revised S-1 filing for a Bitcoin ETF to the U.S. Securities and Exchange Commission, advancing its spot Bitcoin ETF application to a new stage. The document shows that the fund plans to list on major U.S. stock exchanges under the ticker MSBT and discloses key details including the initial issuance size and seed funding.

According to the disclosure, the Bitcoin trust initially offers 10,000 shares and plans to issue an additional 50,000 seed shares, aiming to raise approximately $1 million. Morgan Stanley also revealed that the company purchased two ETF shares on March 9 for audit purposes. Additionally, the filing confirms related custody and operational arrangements, with one traditional financial institution responsible for cash custody and management, and another crypto service provider handling Bitcoin asset custody and prime brokerage.

This revision marks Morgan Stanley’s accelerated progress in developing a Bitcoin ETF product. If approved, it could become the first major U.S. bank to directly issue a spot Bitcoin ETF. In comparison, its concurrent application for a Solana spot ETF has not been updated, indicating a higher priority for Bitcoin products in the approval process.

Regarding market demand, Amy Oldenburg stated that crypto ETFs are still in early development, primarily driven by self-directed investors, with limited participation from advisor-managed accounts. Data shows that about 80% of related trades on the platform come from self-investment channels, reflecting ongoing exploration by institutional investors.

Changes in the regulatory environment are also seen as a key driving factor. As U.S. regulators’ definitions of crypto assets become clearer, institutional compliance barriers are easing. Rachael Lucas noted that the previous “regulatory uncertainty” hindering institutional entry is diminishing, potentially bringing more capital into Bitcoin ETFs and related financial products.

Analysts believe that as traditional financial institutions continue to enter the space, the Bitcoin ETF market is likely to expand further and serve as an important bridge connecting crypto assets with mainstream capital markets.