%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment Cryptoprowl.com / Wall Street investment bank Morgan Stanley (NYSE: $MS ) is proceeding with a new Bitcoin (CRYPTO: $BTC ) exchange-traded fund (ETF) despite a big selloff in the largest cryptocurrency. Morgan Stanley has filed a prospectus with the U.S. Securities and Exchange Commission (SEC) outlining the structure of its proposed Bitcoin Trust. The regulatory filing reveals that Morgan Stanley plans to use Coinbase Global (NASDAQ: $COIN ) and the Bank of New York Mellon (NYSE: $BNY ) to act as custodians and safeguard its Bitcoin holdings. As Morgan Stanley's Bitcoin custodians, Coinbase and Bank of New York Mellon will be responsible for storing BTC and facilitating transfers related to share purchases and redemptions. The Bitcoin purchased by Morgan Stanley will largely be held in offline cold storage vaults, where private keys remain disconnected from the internet to reduce risks of hacking. Bank of New York Mellon will also serve as the Bitcoin ETF's administrator, transfer agent, and cash custodian, handling accounting, shareholder records, and cash flows tied to transactions. The ETF itself will be structured as a passive vehicle that tracks the spot price movements of Bitcoin by holding the cryptocurrency directly. Morgan Stanley is proceeding to launch its new Bitcoin ETF despite the price of the cryptocurrency being cut nearly in half over the past six months. BTC is currently trading at $71,500 U.S., down from more than $126,000 U.S. at the start of October last year. MS stock has risen 36% over the last 12 months to trade at $165.95 U.S. per share.