On March 20th, according to official filings, Morgan Stanley submitted an S-1/A amendment for its spot Bitcoin ETF, the "Morgan Stanley Bitcoin Trust" (MSBT). The filing disclosed that the trust has raised $1 million in seed funding through the sale of 50,000 Seed Shares at a price of $20 per share. The ETF explicitly states it will support both cash and in-kind creation and redemption models. In addition to the usual authorized participants Virtu Americas and Jane Street, Macquarie Capital is also listed. Furthermore, Coinbase Custody and BNY Mellon will jointly serve as the Bitcoin custodian, with BNY Mellon also acting as the administrator, cash custodian, and transfer agent. The trust will incur a fixed trustee fee of $20,000 annually and will not participate in any Bitcoin forks or airdrops.