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Morgan Stanley Launches Cheapest Bitcoin ETF in US at 0.14% Fee
Investment bank undercuts rivals to expand Bitcoin access for wealthy clients
Mar. 28, 2026 at 1:10am
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Morgan Stanley is seeking to launch its spot Bitcoin exchange-traded fund (ETF) with an industry-low 0.14% fee, potentially sparking a fresh fee war in the $83 billion Bitcoin ETF market. The ultra-low fee would make Morgan Stanley's Bitcoin Trust (MSBT) the cheapest in the US, putting immediate pressure on rivals like Grayscale and BlackRock to cut costs or risk losing assets.
Why it matters
Morgan Stanley's move to offer the cheapest Bitcoin ETF could significantly expand access to Bitcoin exposure for its high-net-worth clients, who manage over $6 trillion in assets. As the 'ultimate gatekeepers of rich boomer money,' Morgan Stanley's entry into the Bitcoin ETF space could drive wider mainstream adoption of crypto.
The details
Morgan Stanley filed for the spot Bitcoin ETF in early January, along with a Solana ETF. The bank then filed for a staked Ether ETF and appointed a longtime executive to lead its digital asset team. Morgan Stanley also applied for a national trust banking charter to custody digital assets and execute trades for clients. The 0.14% fee for the Bitcoin ETF is 1 basis point below the current cheapest US offering from Grayscale and 11 basis points below the BlackRock-issued iShares Bitcoin Trust.
- Morgan Stanley filed for the spot Bitcoin ETF in the first week of January 2026.
- Morgan Stanley filed for a staked Ether ETF later in January 2026.
- Morgan Stanley applied for a national trust banking charter on February 18, 2026.
The players
Morgan Stanley
A major investment bank that is seeking to launch the cheapest Bitcoin ETF in the US market at a 0.14% fee.
Grayscale Bitcoin Mini Trust ETF (BTC)
The current cheapest Bitcoin ETF in the US market, with a fee of 15 basis points.
iShares Bitcoin Trust ETF (IBIT)
A Bitcoin ETF issued by BlackRock, with a fee of 25 basis points.
James Seyffart
A Bloomberg ETF analyst who predicted the Morgan Stanley Bitcoin Trust (MSBT) is likely to launch in early April.
Eric Balchunas
A Bloomberg ETF analyst who said Morgan Stanley's ultra-low fee means its financial advisors would have no conflicts in recommending the product to clients.
What they’re saying
“Big move here. They are not messing around.”
— James Seyffart, Bloomberg ETF Analyst
“They are the ultimate gatekeepers of rich boomer money.”
— Eric Balchunas, Bloomberg ETF Analyst
What’s next
Morgan Stanley's spot Bitcoin ETF is expected to launch in early April 2026 pending regulatory approval, which would make it the first bank-issued Bitcoin ETF in the US.
The takeaway
Morgan Stanley's decision to offer the cheapest Bitcoin ETF in the US market at 0.14% could spark a new fee war among crypto ETF providers, driving down costs for investors and further expanding access to Bitcoin exposure for the bank's high-net-worth clients.
