Overview
- The New York Stock Exchange posted an official listing notice for the Morgan Stanley Bitcoin Trust, ticker MSBT, on Wednesday, which ETF analysts say usually precedes a launch once regulators finish their review.
- Morgan Stanley filed Form 8-A and, in a March 18 amended S-1, set a 10,000-share creation unit and about $1 million in seed capital for a spot trust designed to hold Bitcoin and track its cash market price.
- If approved, MSBT would be the first spot Bitcoin ETF issued directly by a major U.S. bank, giving investors access through standard brokerage accounts without handling the cryptocurrency themselves.
- BNY Mellon is named for administration and transfer work while reports differ on the primary Bitcoin custodian, citing either Coinbase or Fidelity, and the fund’s fee is still undisclosed with analysts expecting roughly 0.20% to 0.25%.
- Morgan Stanley’s wealth unit, which has about 16,000 financial advisers and crypto allocation guidance of 0% to 4%, could channel sizable client flows over time and increase fee pressure on incumbents such as BlackRock’s IBIT.