Is Coinbase too big to fail? It has to be now ETFs rely on it daily Wall Street spent two years selling investors on a clean vision of Bitcoin: a regulated exchange-traded fund, cleared and settled through the same institutional machinery that handles equities and bonds, scrubbed of the Wild West baggage that haunted crypto's earlier chapters. The pitch worked spectacularly well, pulling tens of billions of dollars into an asset class wrapper that felt familiar to advisors and compliance departments alike. But what the industry never seems to talk about is the degree to which that entire apparatus routes through a single company. Morgan Stanley launched the Morgan Stanley Bitcoin Trust (NYSE Arca: MSBT) on Apr