Morgan Stanley launched the first spot Bitcoin ETF issued directly by a major U.S. bank — undercutting every existing product on price.
MSBT launched April 8 at a 0.14% sponsor fee — undercutting BlackRock's iShares Bitcoin Trust (IBIT) at 0.25%, the market's dominant product, marking the first direct fee-based competition from a bank-issued instrument since spot ETFs launched in January 2024. Coinbase and BNY provide custody, with BNY also serving as administrator and transfer agent. 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 distribution advantage is structural: Morgan Stanley's 16,000 financial advisors oversee $6.2 trillion in client assets — capital that previously had no in-house Bitcoin vehicle. That network is now a direct distribution channel for Bitcoin exposure at the lowest fee of any U.S.-listed ETP.