Morgan Stanley Launches Bitcoin ETF with $34M in First-Day Trading

New MSBT ETF undercuts competitors on fees, signaling intensifying competition in the spot Bitcoin ETF market.

Apr. 10, 2026 at 10:34am

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An extreme close-up of gears, levers, and other heavy industrial banking equipment, conveying the secure, institutional-grade infrastructure behind Morgan Stanley's new Bitcoin ETF.Morgan Stanley's new Bitcoin ETF launch signals the growing institutional embrace of crypto and the intensifying competition in the spot BTC ETF market.NYC Today

Morgan Stanley's new spot Bitcoin ETF, MSBT, debuted with strong first-day trading volume of around $34 million, exceeding initial projections. The ETF launched with a low 0.14% expense ratio, undercutting major competitors and positioning itself as one of the lowest-cost spot Bitcoin ETFs on the market. The launch reflects a broader shift among large financial institutions toward issuing their own proprietary crypto investment products.

Why it matters

The successful launch of MSBT signals growing institutional demand for Bitcoin exposure and the intensifying competition among spot Bitcoin ETF providers. As more major financial firms enter the space, investors can expect to see continued fee compression and product innovation in the crypto ETF market.

The details

MSBT saw over 1.6 million shares traded on its first day, with early momentum exceeding initial analyst projections. The fund acquired 430 BTC during its debut session. MSBT's 0.14% expense ratio undercuts competitors like BlackRock's IBIT (0.25%) and Grayscale's Bitcoin Mini Trust (0.15%), highlighting the growing importance of price competition as issuers battle for market share. Morgan Stanley's global head of ETFs said the low fee reflects the firm's commitment to the asset class, which they view as 'not going away'.

  • MSBT began trading on NYSE Arca on April 10, 2026.
  • The ETF recorded around $34 million in first-day trading volume.

The players

Morgan Stanley

A major global financial services firm that has launched its own spot Bitcoin ETF, MSBT.

Nate Geraci

President of NovaDius Wealth, who said MSBT has the 'lowest cost spot BTC ETF on market'.

Allyson Wallace

Global head of ETFs at Morgan Stanley Investment Management, who discussed the firm's commitment to the Bitcoin asset class.

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What they’re saying

“We really wanted to show our commitment by having that lower fee. The demand, especially from the high-net-worth investors, has been quite high. Viewed at the firm level, this is an asset class that is not going away.”

— Allyson Wallace, Global head of ETFs, Morgan Stanley Investment Management

The takeaway

The successful launch of Morgan Stanley's MSBT Bitcoin ETF, with its low 0.14% expense ratio, underscores the growing institutional embrace of crypto and the intensifying competition in the spot Bitcoin ETF market. As more major financial firms enter this space, investors can expect to see continued innovation and fee compression, ultimately benefiting those seeking exposure to Bitcoin.