Morgan Stanley's Bitcoin exchange-traded low-fee fund (ETF) drew solid trading volumes on its first day on Nasdaq, marking the first launch of a spot Bitcoin ETF by a major Wall Street bank.
Morgan Stanley Bitcoin ETF Sees Early Inflows as Fee Race Builds
8 April 2026 - 23:15 CEST
By Ana Pereira
The Morgan Stanley Bitcoin Trust (MSBT) recorded about $34mn in trading volume on its debut on Nasdaq, with roughly 1.6mn shares traded, exceeding Bloomberg ETF analyst Eric Balchunas' $30mn forecast for first-day activity.
The new fund is entering a crowded market of 11 spot Bitcoin ETFs that together held $90.97bn in net assets as of 7 Apr, according to Coinglass data. While MSBT’s debut points to solid early demand, it comes as Bitcoin traded lower during the session.
Bitcoin (BTC) declined on 8 Apr, slipping from around $72,000 earlier in the day to nearly $70,000 during US trading hours, reflecting a more cautious tone across crypto markets amid geopolitical uncertainty.
Its first-day trading volume remains well below the scale seen during the initial ETF wave, when BlackRock's iShares Bitcoin Trust (IBIT) recorded more than $1bn in turnover on launch day in January 2024.
Fee competition intensifies
Morgan Stanley has positioned its product as one of the cheapest Bitcoin ETFs available, with an annual fee of 0.14%, according to a filing with the Securities and Exchange Commission.
That compares with fees of about 0.25% for IBIT and 0.25% for Fidelity Investments’ Wise Origin Bitcoin Fund (FBTC), two of the largest products in the market.
Several smaller issuers have also competed on price, with some offering temporary fee waivers or charging around 0.19%
Distribution could support inflows
The financial giant may benefit from its internal distribution network. The bank's wealth management division includes around 16,000 financial advisors, providing a direct channel to retail and high-net-worth clients.
Morgan Stanley (MS) shares on Nasdaq rose 4.5% during the US session to $176.02 at the close, as the ETF debut attracted investor interest amid a broader market recovery on Wednesday.
"Digital assets are increasingly intersecting with traditional markets, and our focus is on helping clients access that evolution through structures they understand and trust," said Amy Oldenburg, head of digital asset strategy at Morgan Stanley.
Coinbase and BNY will provide custody for MSBT, while BNY will also act as administrator and transfer agent, handling accounting, recordkeeping and cash management.
