More than two years after the first 11 spot bitcoin ETFs began trading in the United States, a 12th, issued by a top 10 Wall Street bank with $1.9 trillion in assets under management, could debut as early as Wednesday.
Morgan Stanley Bitcoin Trust could begin trading on the NYSE Arca under the symbol MSBT, Bloomberg ETF analyst Eric Balchunas said in X, a listing notice on the NYSE that points to an April 8 launch.
The ETF holds real bitcoins and tracks CoinDesk’s Bitcoin benchmark settlement rate as of 4 p.m. New York. It does not use leverage, derivatives or active trading to overcome bitcoin price swings. Bitcoin storage will be handled by BNY and Coinbase Custody, and the fund launches with around $1 million in seed capital and 50,000 shares ready to trade.
Like its peers, the fund offers investors exposure to the cryptocurrency without having to own or safeguard it themselves.
Where it stands out is in cost: the trust charges an annual fee of 0.14%, undercutting BlackRock’s iShares Bitcoin Trust by 0.25% and most of its rivals.
The imminent launch marks a milestone for the market and marks the first time a major US bank has offered a spot bitcoin ETF to investors. This underlines the growing demand for exposure to alternative assets like bitcoin.
Morgan Stanley is delving deeper into digital assets, having earlier this year filed for Solana spot ETFs and plans to roll out bitcoin, ethereum and solana trading on E*Trade in the first half of 2026 through a collaboration with Zero Hash.
Spot ETFs have become a go-to vehicle for institutions seeking exposure to cryptocurrency. Since the first 11 funds debuted in January 2024, they have collectively attracted more than $56 billion in net inflows, according to data source SoSoValue.
Activity in derivatives linked to these products has also increased, and the mechanics of options linked to the iShares Bitcoin Trust are considered to have amplified the decline in bitcoin’s price in early February.
These alternative investment vehicles have fueled the widespread financialization of Bitcoin, helping to dampen its volatility. Market dynamics have evolved, and BTC implied volatility increasingly mirrors Wall Street’s fear gauge, the VIX: rising during price declines and falling during rallies.
Morgan Stanley’s upcoming ETF is likely to reinforce these trends.
