Morgan Stanley proposes bitcoin trust to select an exchange and BNY Mellon custody services
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The proposed bitcoin trust plan by Morgan Stanley will store bitcoin at a certain exchange and BNY Mellon, with BNY Mellon also serving as the trust's administrator, transfer agent, and cash custodian. The ETF will track the price of bitcoin using the CoinDesk Bitcoin Benchmark Rate at 16:00 New York time, which aggregates trading activity from major spot exchanges to determine the fund's daily valuation.
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