Morgan Stanley has launched its spot Bitcoin ETF, MSBT, drawing $30.6 million on its first trading day. This move makes Morgan Stanley the first major U.S. commercial bank to offer such a product.
Despite this strong debut, the broader spot Bitcoin ETF market experienced net outflows for the second consecutive day, shedding $124.5 million. However, the overall weekly performance remains positive, boosted by a substantial $471 million inflow earlier in the week.
MSBT boasts the lowest expense ratio in the market at 0.14%, undercutting competitors. Analysts suggest the ETF's strategy may aim to attract high-net-worth individuals to Morgan Stanley's wealth management services, leveraging its extensive advisor network.
This launch intensifies competition among Bitcoin ETFs, with projections indicating significant assets under management within the first year.