Overview
- The SEC declared the Morgan Stanley Bitcoin Trust effective and an NYSE Arca listing notice indicates trading could begin Wednesday under the ticker MSBT.
- The fund holds bitcoin directly and tracks the CoinDesk 4 p.m. New York benchmark rate, with no leverage, derivatives, or active trading.
- Morgan Stanley set a 0.14% annual fee, which undercuts BlackRock’s IBIT at about 0.25% and positions the bank to compete on cost.
- BNY Mellon and Coinbase Custody will safeguard the bitcoin, and the prospectus shows about $1 million in seed capital with 50,000 shares created before listing.
- Analysts expect the bank’s roughly 16,000 financial advisors to drive early placements, making this the first spot bitcoin ETF from a major U.S. bank and adding pressure on rivals as Morgan Stanley expands broader crypto plans like E*Trade trading and new ETF filings.