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Interesting, Morgan Stanley is launching a Bitcoin Trust with a really well-thought-out custody structure. Coinbase Custody and BNY Mellon will manage the bitcoins, with offline cold storage to secure the private keys. BNY also takes on the roles of administrator and transfer agent, making it a complete structure.
What I like about this approach is that the structure favors traditional institutional security. The bitcoins remain disconnected from the internet most of the time, and the ETF will simply track the BTC price via the CoinDesk index. No leverage, no derivatives, just pure Bitcoin.
Do you think this structure will become the standard for institutional spot Bitcoin ETFs, or is Morgan Stanley just playing it safe?