Morgan Stanley Files Bitcoin ETF at Record-Low 0.14% Fee

That is one basis point below the current market low. The fund will hold actual Bitcoin. It will not use futures contracts. A pricing benchmark from multiple major exchanges will be used to track Bitcoin’s value.The New York Stock Exchange confirmed that NYSE Arca has issued a listing notice for MSBT. This step shows that structural and compliance requirements have been met. The bank has already put $1 million into the fund as seed capital.Coinbase will act as custodian and prime broker. BNY Mellon will handle cash administration. Jane Street, Virtu, and Macquarie are listed as authorised participants.Morgan Stanley is not just a new face in the Bitcoin ETF space. It is a shift in strategy. The bank was previously a distributor. It sold other firms’ Bitcoin ETFs to its clients. Now it wants to be a manufacturer.It will keep the fee revenue for itself. This puts pressure on every existing fund. Spot Bitcoin ETFs all hold the same asset. They all track the same price. The only real difference between them is cost. Morgan Stanley has used that gap to make a statement.ETF analyst Nate Geraci summed it up on X: “Game on.” His point was simple. When the cheapest fund gets even cheaper, the whole market has to respond.Advisors can move a client from one ETF to another with a single trade. They keep the same exposure but lower the annual fee. That ease of switching is what makes this filing so significant.Morgan Stanley is one of the biggest investment banks in the United States. Its headquarters are at 1585 Broadway in New York City. The firm trades on the NYSE under the ticker MS. It manages around $9 trillion in client assets.Those assets are spread across wealth management, institutional securities, and investment management. The bank reported full-year 2024 revenues of approximately $61.8 billion. Its wealth management division is one of the most powerful distribution networks in American finance.Several other institutions are key to this story. The SEC must approve the S-1 before any trading can begin. NYSE Arca has issued a listing notice, but cannot open the fund to traders without SEC clearance.Coinbase will secure the Bitcoin holdings and act as a prime broker. It already serves the same role for BlackRock’s IBIT. BNY Mellon will manage the cash side of the fund. Authorised participants Jane Street, Virtu, and Macquarie will create and redeem fund shares to keep prices in line with Bitcoin’s actual value.

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