The spot bitcoin exchange-traded fund (ETF) launched by Morgan Stanley commenced trading on Wednesday with robust initial activity, registering over 1.6 million shares exchanged and approximately $34 million in inflows, according to the bank. The ETF, bearing the ticker MSBT, follows the CoinDesk Bitcoin Benchmark 4 PM New York Settlement Rate and features a competitive 0.14% expense ratio, marking it as the most affordable option available in its category.
Morgan Stanley leveraged a unique advantage for MSBT’s market entry: distribution capabilities. The bank’s wealth management division manages trillions of dollars in client assets and boasts one of the largest networks of financial advisors in the sector. This extensive reach may facilitate broader investor access to bitcoin via advisors, as opposed to direct trading platforms.
Market analysts suggest that MSBT might attract investments from current offerings, particularly BlackRock’s iShares Bitcoin Trust (IBIT), which holds the title of the largest spot bitcoin ETF on the market presently. Despite this competition, MSBT has ground to cover; IBIT launched among nine other ETFs in January 2024 and now controls over $53 billion in assets, establishing it as BlackRock’s most successful ETF.
Wednesday’s trading volume indicates initial interest, yet whether MSBT can maintain its momentum against a market dominated by major players remains uncertain.
UPDATE (April 8, 2026, 20:00 UTC): Adds additional detail.