Morgan Stanley is pressing ahead with plans to introduce a spot Bitcoin ETF, proposing the ticker MSBT and allocating $1 million in seed capital for its launch.

The ticker and updated fund details were disclosed in a revised filing with the U.S. Securities and Exchange Commission, amending the firm’s initial January application.

The latest filing specifies that the ETF will operate with a 10,000-share creation unit and be seeded with $1 million to support its debut. The bank also noted it purchased two shares earlier this month as part of audit procedures.

In terms of infrastructure, BNY Mellon will oversee cash management and administrative functions, while Coinbase has been appointed as prime broker and custodian for the fund’s Bitcoin assets.

The move highlights the continued expansion of traditional financial institutions into the crypto sector, as firms look to make Bitcoin exposure more accessible to a broader range of investors. If approved, the ETF would provide indirect exposure to Bitcoin without requiring direct ownership.

Morgan Stanley’s offering would enter an increasingly competitive market alongside products such as iShares Bitcoin Trust, with spot Bitcoin ETFs collectively drawing over $56 billion in inflows since launching in January 2024.

The bank has also previously filed for a Solana ETF, though no new developments have been reported on that front.