Morgan Stanley Files Bitcoin ETF, Extends $500M Loan and Plans 2,500 Job Cuts
Morgan Stanley filed an S-1 for a Bitcoin ETF with Coinbase Custody and BNY Mellon and extended a $500 million loan to Core Scientific with a $1 billion accordion. The bank will eliminate 2,500 roles, 3% of its workforce, across wealth management, investment banking and asset management to boost efficiency.
1. Bitcoin ETF Filing
Morgan Stanley submitted an amended S-1 for a passive Bitcoin ETF that partners with Coinbase Custody and BNY Mellon for asset custody. The trust will track Bitcoin’s price without leverage or derivatives, avoiding active trading and refraining from buying at dips or selling at market highs.
2. $500M Core Scientific Loan
The bank provided a $500 million, 364-day loan facility to Core Scientific, including an option to expand funding to $1 billion. Borrowings carry interest at SOFR plus 250 basis points and will finance property acquisition, energy contracts and AI infrastructure equipment.
3. Workforce Reduction Plan
Morgan Stanley will cut 2,500 positions, about 3% of its workforce, across wealth management, investment banking and asset management divisions. The reductions aim to lower expenses and realign staffing with strategic priorities around technology integration and operational efficiency.