Morgan Stanley is taking another step toward launching its own bitcoin ETF, filing a second amended S-1 with the SEC as the product moves closer to market. The updated filing confirms the fund will trade on NYSE Arca under the ticker MSBT, and outlines details like a 10,000 share basket size and an initial 50,000 share seed raise of about $1 million.

The bank has also finalized key partners. BNY Mellon will handle cash custody and administration, while Coinbase will act as prime broker. Additional filings indicate Fidelity may also play a custody role. Morgan Stanley even disclosed it purchased two shares of the fund earlier this month for testing purposes.

This story is an excerpt from the Unchained Daily newsletter.

While approval is not guaranteed, the steady updates signal real progress. Notably, the firm’s bitcoin ETF appears to be moving faster than its Solana counterpart, which has not seen recent amendments.

If approved, Morgan Stanley would become the first major U.S. bank to sponsor a spot bitcoin ETF, marking another milestone in institutional crypto adoption.