Did you notice that Morgan Stanley is really getting into the Bitcoin ETF game? I just saw that they chose BNY Mellon and Coinbase Custody to hold the bitcoins for their future fund. It’s kind of interesting because it’s exactly the model BlackRock is using in the iShares Bitcoin Trust—BNY Mellon as the main custodian. It seems Wall Street is standardizing this approach. BlackRock started with just one custodian, then added another in April last year for more security. Now Morgan Stanley is doing something similar from the beginning. They already filed for a Bitcoin ETF registration earlier this year, and then submitted applications for Ethereum and Solana as well. But only now have they revealed who will be managing the assets. Do you think having multiple custodians is really safer, or is it just marketing?

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