Morgan Stanley’s spot Bitcoin exchange-traded fund (ETF) began trading with solid early activity on Wednesday, with more than 1.6 million shares traded and inflows of about $34 million, the bank said.
The fund, listed under the ticker MSBT, tracks the CoinDesk Bitcoin benchmark 4PM New York settlement rate and charges a 0.14% expense ratio. It is the cheapest fund in this category, offering a clear, albeit narrow, pricing advantage over competitors.
MSBT entered the market with a different strength than others: distribution. Morgan Stanley’s wealth management arm oversees trillions of dollars of client assets and operates one of the largest financial advisor networks in the industry. This reach could help the fund gain an edge as more investors access Bitcoin through advisors rather than directly through trading platforms.
Some experts predict the fund will pull capital from existing products, notably BlackRock’s iShares Bitcoin Trust (IBIT), which is currently the largest spot Bitcoin ETF on the market. MSBT still has a lot to do. IBIT, which launched in January 2024 among nine other ETFs, has amassed more than $53 billion in assets, quickly becoming the asset manager’s most successful ETF.
Wednesday’s trading gives an early indication of demand, although it remains to be seen whether MSBT can maintain momentum in a market dominated by a few big players.
UPDATE (April 8, 2026, 20:00 UTC): Adds additional details.