Morgan Stanley launched its own spot Bitcoin ETF today. Ticker MSBT, trading on NYSE Arca, with a 0.14% expense ratio.
That makes it the cheapest spot Bitcoin fund in the United States, undercutting Grayscale's Mini Trust at 0.15% and BlackRock's IBIT at 0.25%. This isn't Morgan Stanley distributing someone else's product. They built their own.
Morgan Stanley has roughly 16,000 financial advisors overseeing trillions in client assets. Bloomberg's Eric Balchunas noted that the low fee means none of those advisors "will feel conflicted using it," and they now have a shot at pulling in outside assets too. Coinbase Custody is handling the Bitcoin.
Two years ago, the idea of a major Wall Street bank issuing its own spot Bitcoin ETF and pricing it to compete aggressively on fees would have sounded far-fetched. Now it's a race to the bottom, and the banks are running it. The same institutions that dismissed Bitcoin for a decade are now competing to hold it for you as cheaply as possible.
That makes it the cheapest spot Bitcoin fund in the United States, undercutting Grayscale's Mini Trust at 0.15% and BlackRock's IBIT at 0.25%. This isn't Morgan Stanley distributing someone else's product. They built their own.
Morgan Stanley has roughly 16,000 financial advisors overseeing trillions in client assets. Bloomberg's Eric Balchunas noted that the low fee means none of those advisors "will feel conflicted using it," and they now have a shot at pulling in outside assets too. Coinbase Custody is handling the Bitcoin.
Two years ago, the idea of a major Wall Street bank issuing its own spot Bitcoin ETF and pricing it to compete aggressively on fees would have sounded far-fetched. Now it's a race to the bottom, and the banks are running it. The same institutions that dismissed Bitcoin for a decade are now competing to hold it for you as cheaply as possible.
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