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3w ago

Morgan Stanley Launches First U.S. Bank Spot Bitcoin ETF With 0.14% Fee

The new MSBT fund gives the bank’s vast adviser network a house-branded option that may intensify the fee race.

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Morgan Stanley is a latecomer to Bitcoin ETFs—but it's one of the largest institutions to enter the fray.

Overview

  • MSBT began trading Wednesday on NYSE Arca after SEC effectiveness, marking the first spot bitcoin ETF issued by a major U.S. bank with a 0.14% fee.
  • On its first day, the fund recorded about 1.6 million shares and $34 million in volume, took in roughly $30.6 million in net inflows, and purchased 430 BTC.
  • The trust holds bitcoin directly, tracks the CoinDesk 4 PM New York benchmark, avoids leverage and derivatives, and uses BNY Mellon and Coinbase for custody and operations.
  • At 0.14%, the fee undercuts BlackRock’s IBIT at 0.25% and Grayscale’s Mini at 0.15%, which analysts say could accelerate price cuts across rival funds.
  • Morgan Stanley’s roughly 16,000 financial advisers who oversee about $6 trillion in client assets can now route allocations to an in-house product, a change that could shift ETF flows even as IBIT keeps a lead in scale and liquidity.