Morgan Stanley Bitcoin Trust, an exchange-traded fund, filed a preliminary prospectus on Tuesday. The filing continues the trend of Wall Street firms adding digital assets to the products they can offer to their clients.
Morgan Stanley Investment Management (MS) is the ETF’s sponsor. The number of shares to be offered, the pricing benchmark, or a proposed ticker haven’t yet been determined.
The ETF will be a passive investment vehicle that doesn’t seek to generate returns beyond tracking the price of bitcoin (BTC-USD), it said. In other words, it won’t speculatively sell at times when bitcoin’s price is high or speculatively acquire the token at low prices.
The fund also won’t use leverage, derivatives or other similar arrangements to meet its investment objective, the prospectus said.
In Tuesday morning trading, bitcoin (BTC-USD) edged down 0.2% to $93.6K, significantly down from the token’s record of over $126K in October.