Morgan Stanley Launches Spot Bitcoin ETF

Morgan Stanley has launched its first spot Bitcoin exchange-traded fund, the Morgan Stanley Bitcoin Trust, marking a significant step in the integration of cryptocurrency into traditional finance. The fund debuted on April 8 with approximately 34 million dollars in first-day trading volume and has since attracted about 46 million dollars in net inflows, according to data from Farside Investors. Traded on NYSE Arca under the ticker MSBT, it features a competitive expense ratio of 0.14 percent, lower than BlackRock's iShares Bitcoin Trust by 11 basis points.

The launch underscores the rapid growth of the U.S. spot Bitcoin ETF market, which as of April 8 held 91.71 billion dollars in total assets under management. Recent inflows have been robust, with net purchases reaching 240 million dollars on April 10 alone, led by BlackRock's IBIT at 137.6 million dollars and Fidelity's FBTC at 78 million dollars. These developments have helped sustain Bitcoin's price above 72,000 dollars, hovering around 72,700 dollars as of April 11, amid recovering market sentiment.

A key structural feature of the market is the heavy reliance on Coinbase for asset custody. Launch documents for funds...