Morgan Stanley is advancing a new Bitcoin ETF plan, having submitted a prospectus to the U.S. Securities and Exchange Commission (SEC) to establish a trust fund that directly holds Bitcoin to track its spot price. The bank plans to use Coinbase Global and The Bank of New York Mellon as custodians, with Bitcoin primarily held in cold storage. The Bank of New York Mellon will also serve as the administrator and transfer agent. Despite Bitcoin's price nearly halving over the past six months and currently trading at around $71,500, Morgan Stanley still plans to launch the ETF.