On Wednesday, April 8, 2026, Morgan Stanley announced the launch of the Morgan Stanley Bitcoin Trust ETP (MSBT). As Morgan Stanley notes, the launch of MSBT marks the first time a U.S. bank-affiliated asset manager is offering a crypto ETP.
Key Takeaways
- Morgan Stanley has made their debut in the world of spot bitcoin ETFs with launch of the Morgan Stanley Bitcoin Trust ETP (MSBT).
- MSBT is well-positioned to challenge the dominant iShares Bitcoin Trust ETF (IBIT ), given that MSBT’s expense ratio is 11 basis points cheaper.
- The fund is coming online while the price of bitcoin remains relatively low. That presents a potential opportunity to buy into the dip.
“We are proud to introduce MSBT to the marketplace and believe this new ETP aligns with long-term trends in financial innovation and serves to strengthen the range of investments we provide investors,” noted Ben Huneke, head of Morgan Stanley Investment Management. “MSBT is an example of how leveraging Morgan Stanley’s collective strength and deep expertise across asset classes and market segments can add value for existing clients, unlock new investor opportunities and continue to pursue compelling and innovative investment ideas that solve investor challenges.”
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As many spot bitcoin investors know, a crucial aspect of a spot bitcoin product is its expense ratio. MSBT has launched with an expense ratio of 14 basis points. That could challenge the dominance of BlackRock’s iShares Bitcoin Trust ETF (IBIT ), which has a net expense ratio of 25 basis points.
MSBT has been launched in collaboration with both CoinDesk and BNY. The fund is benchmarked to the CoinDesk Bitcoin Benchmark Rate Index. Both CoinDesk and BNY provide digital asset custody services. Additionally, BNY handles recordkeeping, accounting, and cash management services.
A Timely Opportunity for Morgan Stanley
Of course, MSBT is coming online at a relatively tumultuous time to be a bitcoin investor. Yes, the price of bitcoin is a bit higher than it tended to be in March. However, the cryptocurrency’s price is still far lower than it was earlier this year, let alone its $120k-plus highs in October 2025. However, for those looking to buy into the dip, MSFT’s cost and management expertise may offer an advantage.
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“The MSBT launch proves that the crypto ETF landscape continues to evolve and that major financial firms still see value in providing access to bitcoin,” adds Roxanna Islam, head of sector & industry research at VettaFi.
Morgan Stanley’s decision to launch MSBT does further cement a legitimate shift in the bitcoin market. Indeed, more and more institutional investors and advisors are seeing bitcoin in a new light. As such, MSBT may be worth monitoring in the months to come, especially if bitcoin mounts a comeback.
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