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BTCWEEKLY
Week 15 · April 5–11, 2026
Morgan Stanley became the first major U.S. bank to issue its own spot Bitcoin ETF, launching MSBT on April 8 at a 0.14% sponsor fee — the lowest of any Bitcoin ETP currently trading.
The Morgan Stanley Bitcoin Trust debuted on NYSE Arca under the ticker MSBT with Coinbase and BNY providing custody, BNY also serving as administrator and transfer agent, and the fund benchmarked to the CoinDesk Bitcoin Benchmark Rate Index. At 0.14%, MSBT undercuts BlackRock's iShares Bitcoin Trust (IBIT) — the market's dominant product at 0.25% — creating the first direct fee-based competition from a bank-issued instrument since spot Bitcoin ETFs launched in January 2024. First-day trading cleared $34 million in volume, which Bloomberg Senior ETF Analyst Eric Balchunas placed in the top 1% of all ETF launches on record. The fund's distribution advantage is structural: Morgan Stanley's wealth management network spans 16,000 financial advisors overseeing $6.2 trillion in client assets — capital that previously had no in-house Bitcoin vehicle and required clients to access competing products through outside platforms.
StarkWare CPO Avihu Levy published a quantum-safe Bitcoin transaction scheme on April 9 that requires no soft fork, no miner signaling, and no changes to Bitcoin's existing consensus rules.
The proposal, called QSB, uses hash-based cryptography built on RIPEMD-160 pre-image resistance — a function that quantum computers can only attack via Grover's algorithm, which yields a quadratic rather than exponential speedup, leaving approximately 118 bits of effective pre-image security and 78 bits of collision resistance at the recommended configuration. Transactions using the scheme cost $75–$150 in GPU compute, work entirely within legacy script rules, and can be submitted directly to miners willing to process them without routing through normal mempool infrastructure. The scheme protects newly created outputs only and does not retroactively secure the estimated 4 million BTC held in legacy P2PK addresses — the format most vulnerable to a future capable quantum adversary. Levy describes QSB explicitly as a last-resort contingency measure rather than a substitute for a forthcoming protocol-level upgrade, noting it cannot be used with the Lightning Network.
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