Morgan Stanley Investment Management has launched its spot Bitcoin ETF on NYSE Arca, accessible to its network of approximately 16,000 financial advisors.
The fund, trading as MSBT, tracks Bitcoin's daily price using the CoinDesk Bitcoin Benchmark. This launch marks the first time a bank-linked asset manager has introduced a cryptocurrency product of this nature.
Morgan Stanley has set a sponsor fee of 0.14% for MSBT, positioning it as a competitively priced option in the market. BNY Mellon and Coinbase will handle custody of the fund's digital assets, with BNY Mellon also serving as administrator and transfer agent.
The launch occurs as Bitcoin ETF products recently experienced their first week of net outflows, with approximately $160 million withdrawn across various funds. MSBT joins Morgan Stanley's existing ETF platform, which manages over $12 billion in assets.