On Wednesday, April 8, 2026, Morgan Stanley announced the launch of the Morgan Stanley Bitcoin Trust ETP (MSBT). As Morgan Stanley notes, the launch of MSBT marks the first time a U.S. bank-affiliated asset manager is offering a crypto ETP.
Key Takeaways
- Morgan Stanley has made their debut in the world of spot bitcoin ETFs with launch of the Morgan Stanley Bitcoin Trust ETP (MSBT).
- MSBT is well-positioned to challenge the dominant iShares Bitcoin Trust ETF (IBIT), given that MSBT’s expense ratio is 11 basis points cheaper.
- The fund is coming online while the price of bitcoin remains relatively low. That presents a potential opportunity to buy into the dip.
“We are proud to introduce MSBT to the marketplace and believe this new ETP aligns with long-term trends in financial innovation and serves to strengthen the range of investments we provide investors,” noted Ben Huneke, head of Morgan Stanley Investment Management. “MSBT is an example of how leveraging Morgan Stanley’s collective strength and deep expertise across asset classes and market segments can add value for existing clients, unlock new investor opportunities and continue to pursue compelling and innovative investment ideas that solve investor challenges.”
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As many spot bitcoin investors know, a crucial aspect of a spot bitcoin product is its expense ratio. MSBT has launched with an expense ratio of 14 basis points. That could challenge the dominance of BlackRock’s iShares Bitcoin Trust ETF (IBIT), which has a net expense ratio of 25 basis points.
MSBT has been launched in collaboration with both CoinDesk and BNY. The fund is benchmarked to the CoinDesk Bitcoin Benchmark Rate Index. Both CoinDesk and BNY provide digital asset custody services. Additionally, BNY handles recordkeeping, accounting, and cash management services.
