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BREAKING: Morgan Stanley names Coinbase and BNY as custodians in proposed bitcoin ETF filing update

Morgan Stanley is putting its name on a Bitcoin ETF.

The Wall Street giant - which manages roughly $9 trillion in client assets - updated its S-1 filing with the SEC on Wednesday.

They've now named Coinbase Custody and Bank of New York Mellon as custodians for the proposed Morgan Stanley Bitcoin Trust.

BNY will also serve as administrator, transfer agent, and cash custodian. Bitcoin will be held primarily in cold storage, with portions moving to hot wallets during creations and redemptions. The structure mirrors how BlackRock's IBIT already operates.

But this isn't just an ETF play…

Morgan Stanley has also filed for Solana and staked Ethereum ETFs. It applied for an OCC bank charter specifically for crypto custody. And it hired veteran executive Amy Oldenburg to lead a newly created digital assets unit.

Oldenburg said last week that Morgan Stanley will "absolutely" offer Bitcoin custody, trading, yield, and lending services in time. She added that the bank needs to build these capabilities in-house rather than outsource them.

"People expect Morgan Stanley - they trust our brand - to be no-fail," she said. "You have a significant responsibility to your clients to make sure that you're delivering that in any level of technology."

When asked how much crypto Morgan Stanley's clients currently hold off-platform, Oldenburg called it "a considerable number." That's the demand they're chasing.

The time of writing, Bitcoin is trading near $73,000 after a strong week. ETF flows have flipped positive - $683 million in inflows this week and $787 million last week - the first back-to-back positive weeks after five consecutive weeks of outflows totalling nearly $4 billion.

Bitwise adviser Jeff Park said the move signals something bigger: "The market is much bigger than even crypto professionals anticipated, especially to reach new customers."

Morgan Stanley isn't dipping a toe in. It's building a full crypto infrastructure from the ground up.

That tells you where Wall Street thinks this is going. 🚀

That’s what NVIDIA’s CEO said investors in AI are tapping into. And market experts say it could send stocks for companies that create robots, aka physical AI, soaring on a "multi-year supertrend."

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While everyone is still licking their wounds from the October 10 crash, Frank Chaparro just dropped a reality check.

Chaparro is the Head of Content at GSR, one of the largest crypto trading firms in the world, and a founding reporter at The Block. He's been covering this industry from the inside since before most people knew what a stablecoin was.

And his message today? Stop staring at the price and look at what's actually being built.

This is what he tweeted:

Read that list again. That's not a group of crypto startups. That's the backbone of global finance.

And they're not dabbling. They're building for the long-term.

Every single one of those names spent years on the sidelines. Now they're deploying capital, hiring teams, and shipping products. In the middle of a bear market.

While prices are down and sentiment is in the gutter.

And yet, most people are still fixated on what happened on October 10.

Chaparro's take? That's a skill issue.

The institutions aren't watching the prices. They're watching the opportunity. And they're moving while everyone else is paralyzed.

Bear markets are where the infrastructure gets built.

And right now, the biggest names in finance are laying the foundation for what comes next.

By the time most people notice, it'll already be priced in. 🏗️

Time for check in on Ethereum’s supply side dynamics.

To do that we’ll be focusing on the amount of Ethereum currently being staked.

Quick Note: Ethereum staking involves locking up ETH to support the blockchain’s security. In return, users earn rewards for staking.

If you’d like to learn more about staking, check out this article.

37.63 million ETH is now locked in staking. That's up 1.64 million ETH since the start of 2026.

Let that sink in…

31.18% of the entire supply is staked. Earning yield. Off the market. Not coming back to exchanges.

And this is happening while exchange balances keep falling and long-term holders refuse to move.

The math keeps getting simpler. More ETH locked up. Less ETH available. Circulating supply has never been this constrained.

Price is depressed. Sentiment is wrecked. But the supply mechanics are tightening in the background like a spring under compression. 🚀

Trump's social media post on crypto bill 'not enough' to move legislation, TD Cowen says. Trump's direct involvement is required, but it is hard to see that occurring while the U.S. is in armed conflict with Iran, TD said.

Kraken Secures Federal Reserve Master Account. Kraken Financial has secured a limited-access Federal Reserve master account, gaining direct access to Fed payment systems without full banking privileges.

BTC funds see $1.7 billion in recent inflows. Fresh allocations to spot bitcoin ETFs suggest investors are growing more comfortable despite the asset still being down 16% this year.

Vitalik Buterin Urges Ethereum to Broaden Its Mission Beyond Finance. Ethereum’s co-founder is calling for “sanctuary technologies” spanning privacy tools, social systems, and infrastructure beyond finance.

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Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)

Because what would the crypto world be without its share of memes?

Trivia Answer: El Salvador 🥳

In September 2021, El Salvador became the first nation to make Bitcoin legal tender under President Nayib Bukele. The Central African Republic followed in 2022 but later reversed course.

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